CodeTemplar:
Govt of limitation cannot override the mercies of a God of second chance.

iwaeda:
This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.

It did not state that it's maximum usd in an account.

It says TOTAL CASH DEPOSIT you can make in a month. Some banks long ago pegged it at 5000 cash deposit in a month such as gtb, access, StanChart etc



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank

otosa:
I think this will stop those that keeping the largest amount of dollars in their account for long period of time without using it.

Thanksful:
Dollar is about to rise against naira. I need to get my hands on some dollars.

zanshi:
Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

zanshi:
Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know

KingOfAllIgbos:


Great analysis.... especially from the " an average joe like me didn't care about forex rates growing up"

I too never even cared about Naira - Dollar conversion rates then. These days, I keep just a few thousands of Naira for running expenses and the bulk of savings in foreign currency.

The Naira you keep fallow in your account in January would be malnourished by March

inderhappy:
Does that also mean i can now transfer 10,000usd in a month...

MrColdsweat:
Does this affect cash transfer?

Buhari deserves to die.

iwaeda:

You should, but honestly I am not sure. I am still waiting for more clarification from my banks.

olisaEze:
So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na.