Asuokaa:



I like ur status message but I don't like ur views...

Cause I feel ur biased but I love how intelligent u r.. Cause most wen I see ur post all I see is anger even wen u were bashing gej too... Be more constructive bro

What do you suggest?

not4sure:
We need to strengthen our Naira. Say No to dollarize economy. If you want to buy something or pay for any service it must be done in Naira.. Sorry Yahoo Boys

Western Union.

Obiagelli:

I thought you said small importers.

Yes but remember it's just 10m per year with no room for expansion. Remember most products are already expensive.

agarawu23:
when Gej appointed this man, he was dancing to his tone but as my oga @ the top don take over, CHANGE don cum. if na skelewu you dey dance follow gej before, it's high time you start dancing to fela old school music.

these are the fastest ways we can use to survive the fall of naira. Though it will affect some ppl but we have know choice cos we need to save our economy.

Stealing is now Corruption........

sentimental pooo, just few weeks ago, some APC mules asked him to resign, today another APC mules is praising him and raising pooo sentiments that can not convince a 5year old

Obiagelli:

That's interesting, I don't think its easy to open bank accounts in those countries if you aren't a citizen or a documented resident.

BTW I don't think that will do the mallams any good because they can only withdraw naira

It's as easy as ABC for Mallams in Northern Nigeria. The boundaries are meant for poor people and certainly not for the rich. Ask Sherrif and other Borno elites their stake in Chad Republic

Even Asari Dokubo is citizen in Benin Republic let alone numerous South East, Southwest and South-South Nigerians resident in those countries.

Read the circular again, it says they can withdraw either their dollar or Naira equivalent.

ERODEDEAST:
This may weaken the Naira may not be now

What you've written is meaningless.

You wrote a short sentence and 'may' occurred twice.

Isn't it tragic that you're one of those foolish few who say Buhari is a blockhead?

Honestly, the quality of your posts shows the state of your brain.

atlwireles:


Simple answer is no. If you go through the Form M process and your transaction is approved, then it's possible.

Form M is an application to import visible goods and also serve as a statistical tool for the government in policy formulation. It is mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service. Supporting documents for submission of Form M includes PFI (proforma invoice), Insurance Certificate covering 110% of the item of import. Depending on the item of import, other regulatory documents such as NAFDAC permit, SONCAP product certificate, DPR Import Permit, PCN licence, etc.; will also be required

New doors opening for corrupt oficials

tivta:
Yes but remember it's just 10m per year with no room for expansion. Remember most products are already expensive.

In this case, the stronger the naira(which appears to be the ultimate aim of the policy), the better. Or what do you think?

IsraeliAIRFORCE:


As easy as ABC for Mallams.

Even Asari Dokubo is citizen in Benin Republic let alone numerous South East, Southwest and South-South Nigerians resident in those countries.

Read the circular again, it says they can withdraw either their dollar or Naira equivalent.

Not anymore

For foreign currency cash lodgments made prior
to the date of this circular, the account holder has the
option to either withdraw his or her foreign currency cash or the Naira equivalent.

chuna1985:


Western Union.

Correct Guy !!!

cococandy:
i thought you were a guy

You don do sex change now now?

NL boiz na ashawo dem don dhe pm me since.
How u dhe mama coco?

NgeneUkwenu:
President Buhari, do all you can to protect our naira, even if it takes suspending the current Clueless CBN Governor who only makes knee jerk decisions on major macro economic policies!


May God Bless Buhari For Us!!!

God bless me too

tivta:
Yes but remember it's just 10m per year with no room for expansion. Remember most products are already expensive.

They would have to fill the Cbn forms.

Hope this guys wont end up making the naira 500 to a dollar.

OREMUSSANCTUS:

NL boiz na ashawo dem don dhe pm me since.
How u dhe mama coco?

Lmao.

I'm fine my dear.

finally, we are seeing the need to take hard decisions... the chips may fall where they want.

this is the best news today. may we find the strength to adjust accordingly.

barcanista:
What do you suggest?

See en...most of your points bring out tribal issues not that ur trying to bring up tribal issues but most times it flare up ...see for example u make a comment on buhari, some group of ibo guys see it has an opportunity to become tribalistic which is wrong.. Buhari is a good man but in the wrong party direct it to the party more often not the man in charge u can't deny he is not trying
...
The likes of nmandi kalu I can bet come on nairaland to read comments or how can someone living in uk no more than we dat r living down in nigeria even femi adesina will always be on Nairaland.. Hope u get..so be more constructive bro... Nigeria is a country dat musnt fall I lost friends in this country dey payed with their life for it not minding their region at all... Soldiers r paying a price the politicians from the whole nigerians bought for us... Eg a captain and a lieutenant lost der lives this 2015 b4 buhari entered der first born were just 3months and 2weeks respectively.. We in the military r d one feeling the heat ...breakup is not something we want to see... And mind u am sure u knw BH was a political thing not religion that dey r bringing up nw
While many see him travelling a lot there r somethings he is doing dat most nigerians don't kwn..eg he travelled round troubled countries guess wat he discussed in summary "u guys just block BH from running while we destroy them".. But see we both knw dat this countries want glory not the end of BH, now it is biting dem hard


Like I said target the party not the individual

This is not just a naira strengthen policy, its also a move to check money laundering. This is 2015, transactions should be done electronically.

wow! strange step. Jst hope it is for good thou its gonna affect my man

atlwireles:


You hit the nail on the head, this pretty much puts them out of business.

That is the plan

Obiagelli:


Not anymore

I have modified the comment to provide for comprehensive answer to your questions

The information you quoted was to clarify the status of current balance for people who buys Forex from BDC and deposit in their domiciliary account which is currency speculation.

On a broader note, domiciliary account is not a usual current account hence by definition the dollars are kept in trust for the owners in a commercial bank's vaults and can't be nairalized at will.

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

yahoo boys are in trouble. not forgetting our chronic pen robber politicians and civil servants

What are you feeling like? [s]

Activa:

What you've written is meaningless.
You wrote a short sentence and 'may' occurred twice.

[/s]

ERODEDEAST:
What are you feeling like? [s][/s]

Stop writing rubbish all over the place.

This is not your forte. Cross over to banal issues and base topics boy!

Get lost!

best decision just as i mentioned here....https://www.nairaland.com/2502096/why-rejection-foreign-currency-deposit

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

dont mind them,so every deposit into a dom a/c is money laundering? The vaults are full? Yet pmb goes to borrow $75m,who is fooling who,abeg minus yahoo boyz,pple use those a/c for their legit biz spare us the drama

not4sure:
We need to strengthen our Naira. Say No to dollarize economy. If you want to buy something or pay for any service it must be done in Naira.. Sorry Yahoo Boys

Original trouble,

last week i ordered for goods at aliexpress and i hope this policy won't affect the goods because it has not arrive yet. i used free shipping.

this is my first time to order from aliexpress with a test of $50.40

please how long will it get to Benin city. thanks.

From the look of things, the new CBN policy is not a naira strengthening approach rather an anti-money laundering tactics.
The fact still remains that the strength of naira is quite feeble. Few weeks from now, the amount of dollar in circulation mostly from BDC operators will be spent, and scarcity of dollar will commence. I foresee a situation dollar will hit 280 per naira due to its scarcity, and it will mostly be sourced from neighboring countries and travelers.

atlwireles:


Simple answer is no. If you go through the Form M process and your transaction is approved, then it's possible.

Form M is an application to import visible goods and also serve as a statistical tool for the government in policy formulation. It is mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service. Supporting documents for submission of Form M includes PFI (proforma invoice), Insurance Certificate covering 110% of the item of import. Depending on the item of import, other regulatory documents such as NAFDAC permit, SONCAP product certificate, DPR Import Permit, PCN licence, etc.; will also be required

tell me how someone will go through these processes and go import fake or substandard goods?