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

Correct guy

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.

cash deposit not inflow..it used to be 5k monthly

WhAt they forgot to include is that , whatever foreign currency you buy and deposit as cash cannot be transferred anymore. The best You can can do is to withdraw it back as cash and deposit in another account as cash. All cash deposits cannot be transferred even if na 100 dollar

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

Most Nigerians no longer have confidence in the strength and stability of the Naira. I believe the system needs help so as to avoid further devaluation.

What platform or exchange are you saving on?

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

And the banks will tell you they don't have enough dollar for you to cash out. So if you have $20k they will give you $5k in cash and advise you to convert to Naira the balance so you don't forfeit it to the government

When CBN came denying plans to convert all dollars to Naira, I knew this day would come. Reason why my dom account has less than $20

Pluzzyy:
WhAt they forgot to include is that , whatever foreign currency you buy and deposit as cash cannot be transferred anymore. The best You can can do is to withdraw it back as cash and deposit in another account as cash. All cash deposits cannot be transferred even if na 100 dollar

How's that possible when you will be selling to them at the prevailing rate of the day and higher than the buying rate? Hel me understand pls

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

Difrent:


Cos the amount he will sell it to naira will be around the official naira rate.....no gain as all the gains is what the dealer will take as charges to convert it to naira

which is better than keeping the money in naira in his bank.

Cumulative total in any calendar month meaning in any month of the year you should not have more than $10k in your dom account.

You think the government is ready to make every one the new BDCs that they will be entitled to $10k every month to end up with $120k in a year? No... They are planning to discourage hoarding of the dollars with this new policy.

You need to know the amount of dollars in dom accounts in banks today sitting idle. Even if what you say is the fact, it's only a matter of time before they change it to my thoughts.

Ggee:
Thank you sir. Seem you are the only that read the message.

Cumulative deposit in a month does not translate to total in your account.

blackmantis:
Why is this government so unfortunate?

Yet,they want Direct Investments into Nigeria!
How do you want to do that when you have a cap on Foreign Currencies Account?
Something is wrong!

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.

You have spoken well. But what makes you think he is not focusing on Manufacturing and Exports.

When he said we should look inwards you know the backlash he faced.
A country decimated for 16 failed years cannot be fixed in have that time.

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.

How about people whose monthly salaries exceed $10,000?

Difrent:


Very true. I have even tried first converting it to NGN then sell NGN its still the same amount....P2p dealers are out to make money too.
Try selling USDT to naira...

It's not advisable if you're looking for instant conversion. As a tactic, nothing stops you from also being one of the P2P dealers as well. Make your asking price slightly lower than the lowest out there.

Cokahot:
While I have 85k overseas,is Biden not my guy.

How do you do business abroad or for saving sake?

Please how do you keep money abroad?

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

How do you save dollars abroad?

please educate me

bigtt76:
How's that possible when you will be selling to them at the prevailing rate of the day and higher than the buying rate? Hel me understand pls

Try selling you will understand .

I've not tried selling to Naira though but to other currencies and I haven't noticed any thing mysterious

Difrent:


Try selling you will understand .

iwaeda:
Buhari has come again.

Mumu ok President Buhari instructed Godwin Emefiele to come up with this new order? Zombie no wonder nothing ever gets done in this Your shit hole Nigeria, blaming others is how you solve your problems?

iwaeda:
Nigeria is tending towards communism, where everything about your life is regulated. We cant import cars again. Buhari sa fi aye ni arare lara.

What a generation of dunces, everything must be President Buhari? Even if you ask some now, they say General Buhari is their father, & will claim that it is President Buhari that impregnated their mothers.

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.

how does it concern anyone that they decide to keep their money as long as possible.

iwaeda:
Bankers in the house, does this affect?

I was at access bank days ago to deposit and I was told the same thing only that it is $5k per month instead of $10k. If you receive more than the fix amount as credit to your bank, it'll enter but you'd only be able to withdraw $5k per month max.

It is just stupid.

What's kind of problem is this, i hate saving in naira, you lose value of your money every hour.

Evil government

Okoroawusa:
Upon it was well stated that this info is for "cumulative cash deposit" in the post yet some ignoramuses are foaming from the mouth.

What is going on with youths of this generation? Someone recently said that if you want to hide an information from Nigerian youths make it more than one paragraph.


We are in trouble in this country o!

you apparently don't understand anything yet you're insulting others. The people complaining perfectly understood what cumulative is.

lalasticlala:


Why is it not on their page, social media accounts?

it is actually true. I was told same/similar thing by access bank

henryobinna:
I was at access bank days ago to deposit and I was told the same thing only that it is $5k per month instead of $10k. If you receive more than the fix amount as credit to your bank, it'll enter but you'd only be able to withdraw $5k per month max.

It is just stupid.

At what rate did you buy a $

Muchmore024:

At what rate did you buy a $

520

Not from the bank though

Buckeyemedia1:
What a generation of dunces, everything must be President Buhari? Even if you ask some now, they say General Buhari is their father, & will claim that it is President Buhari that impregnated their mothers.

You were not old enough to know what he did to our currencies and economy in 1984 . So I can pardon your ignorancy.

Okuda:


transfer what? from where to where? someone that has to always send money to business partners every month and needs to convert naira to dollar, how does he get the said dollars in his dorm acc first?

There is no aboki that cannot transfer dollars to your account. they will even transfer to your account abroad.

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.

they will convert it to Naira by force. Better go and buy BTC with ur money now.

Basher8583:


You have spoken well. But what makes you think he is not focusing on Manufacturing and Exports.

When he said we should look inwards you know the backlash he faced.
A country decimated for 16 failed years cannot be fixed in have that time.

A typical APC bastard again even in the face of glaring evidences that they have destroyed Nigeria beyond what PDP did in 16 years, this one is still here defending something that can kill him tomorrow as if the people he is replying to are blind.

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

Hmmm... Confirm

For what