Focusmind:
Good!

I am not a fan of Buhari but sometimes, the Soviet era kind of system is what fits Nigeria and Nigerians. We keep complaining about naira falling against the dollar yet, most Nigerians, especially the middle class and the rich, keep storing their wealth in dollars. What do you expect? The pressure on naira will continue. Nigeria is not a productive economy. We import most of the things we consume and you expect the naira not to fall.

Billions of dollars are sitting in peoples domiciliary accounts doing nothing. Government is not a magician to stop the free fall of naira. It should be collective effort. Agreed that the government has a role to play in arresting the free fall of naira, the citizens are also culpable. our penchant for foreign goods knows no limit. Everything in this country is "dollarized" and the government is also contributing to this dollarization.

However, some hard measures are needed to save the situation. If nothing is being done about this free fall, dollar will hit N2000 per $ by end of next year. People are offloading their naira accounts and changing them to dollars and pay them into their domiciliary accounts. These are the things that continues to pile pressure on naira.

Mcslize:


Don't mind them. Many people don't read to understand. Even as glaringly misleading as the title appeared, many can't see the misleading title. We have to spoon feed them and try to explain to them it's only for physical cash deposit before they understand.

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

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

MrColdsweat:
Does this affect cash transfer?

Buhari deserves to die.

iwaeda:
Dear Customer (Name),

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.



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

Difrent:


Whatever gains you make will be taken by p2p dealers when you want to convert it to naira....its just a waste of time keeping your money in USDT

blackmantis:
Why is this government so unfortunate wicked ?

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.

BiafraInc:
One nigeria is the best. Stop complaining, all you useful idiots.

chloride6:


Why do you think so?

iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts .

Focusmind:
Good!

I am not a fan of Buhari but sometimes, the Soviet era kind of system is what fits Nigeria and Nigerians. We keep complaining about naira falling against the dollar yet, most Nigerians, especially the middle class and the rich, keep storing their wealth in dollars. What do you expect? The pressure on naira will continue. Nigeria is not a productive economy. We import most of the things we consume and you expect the naira not to fall.

Billions of dollars are sitting in peoples domiciliary accounts doing nothing. Government is not a magician to stop the free fall of naira. It should be collective effort. Agreed that the government has a role to play in arresting the free fall of naira, the citizens are also culpable. our penchant for foreign goods knows no limit. Everything in this country is "dollarized" and the government is also contributing to this dollarization.

However, some hard measures are needed to save the situation. If nothing is being done about this free fall, dollar will hit N2000 per $ by end of next year. People are offloading their naira accounts and changing them to dollars and pay them into their domiciliary accounts. These are the things that continues to pile pressure on naira.

Focusmind:
Good!

I am not a fan of Buhari but sometimes, the Soviet era kind of system is what fits Nigeria and Nigerians. We keep complaining about naira falling against the dollar yet, most Nigerians, especially the middle class and the rich, keep storing their wealth in dollars. What do you expect? The pressure on naira will continue. Nigeria is not a productive economy. We import most of the things we consume and you expect the naira not to fall.

Billions of dollars are sitting in peoples domiciliary accounts doing nothing. Government is not a magician to stop the free fall of naira. It should be collective effort. Agreed that the government has a role to play in arresting the free fall of naira, the citizens are also culpable. our penchant for foreign goods knows no limit. Everything in this country is "dollarized" and the government is also contributing to this dollarization.

However, some hard measures are needed to save the situation. If nothing is being done about this free fall, dollar will hit N2000 per $ by end of next year. People are offloading their naira accounts and changing them to dollars and pay them into their domiciliary accounts. These are the things that continues to pile pressure on naira.

perambulator:


It is a sin everywhere in the world to regularly deposit/withdraw large amounts of cash. Even in America if you transfer more than $10,000 the authorities will be alerted..talk less of cash!!!!! It's called money laundering!!!! you are not allowed to bring in more than $10000 cash into or out of most countries in the world without declaring it, so where are you getting $10,000 cash every month to be depositing if not that the source of your funds is dubious? If your money is legitimate and not that you want to hide the source of the money why cant you transfer?

The only country that i know that allows you to be depositing and withdrawing large sums of cash is UAE! Anywhere else they will put your account on watch for possible money laundering!!!!

Laboni:
How will p2p dealers take whatever gain he makes when selling for naira?

Laboni:
How will p2p dealers take whatever gain he makes when selling for naira?

Alusiizizi:


Not true. For bitcoin maybe. USDT is supposedly a very low volatility instrument. The reason why the spread in bitcoin is so high is because of the volatility, which usually hangs around 10%~15%.

iwaeda:
Dear Customer (Name),

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.



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

blackmantis:
Why is this government so unfortunate?

Parisian:
And what is Buhari's business with how people choose to spend their money?

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.

Difrent:


Whatever gains you make will be taken by p2p dealers when you want to convert it to naira....its just a waste of time keeping your money in USDT

hahn:


And receive all usd payments via Payoneer, Skrill, Neteller, Perfect money or crypto.

Their policies can only limit themselves