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Nairaland Forum / Nairaland / General / Business / Banks Stop Use Of ATM Cards Abroad #Emefieleconomics (52657 Views)
Banks Stop Cash Withdrawal From Overseas Atms / Dollar Scarcity: Banks Cut Customers’ Spending Abroad By 80% #Emefieleconomics / CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics (2) (3) (4)
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Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Excellent7(m): 12:50pm On Dec 20, 2015 |
NavierStokes: Accidents just don't, it is a sequence of events and actions. I think they goofed when they stopped banks from accepting dollar receipts. The guys imaginary or real they were hoping to stop, we were told packed Dollars, will be able to make huge profits now exchanging them for Naira. That decision and subsequent ones must have negatively impacted diaspora remittances in my opinion. I am waiting for data on that by Q1 2016 With the present situation, I expect the diaspora remittances to "by-pass" the CBN; more peer to peer transactions at arbitrary exchange rates guided by parallel market rates. Some people are saying so we do not become like Greece and Venezuela, but I say we are already there. What we have is a time-lapse in perception for the general populace. After Q1 2016, it will be clear for all to see, when some commodities start becoming "scarce". |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 12:50pm On Dec 20, 2015 |
Caracta: Please show me the cbn circular. Thanks. |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by musicwriter(m): 12:53pm On Dec 20, 2015 |
obailala: You're obviously a proponent of austerity, and you believe the only way this situation can be curbed is more and more ban on dollar transactions. This type of one-sided economics/line of thinking is what is worsening the situation in Europe, especially Greece that you mentioned. And Greek citizens aren't smiling. Is dollar transaction ban the only way the CBN can manage the situation?. Aren't there other options like getting Paypal allow Nigerians to get paid dollars?. Aren't there other options like encouraging export now, by giving 50% tax relief to any company exporting any goods out of Nigeria now?. In fact, the long term solution is investment in science. Cause only science can solve the poverty problem of a nation. Only mastery of science will enable us export our own cars, phones, train, airplane, e.t.c to the world to earn dollars perpetually. Why must dollar ban be the only way to improve dollar inflow to Nigeria?. If you're talking about taking really desperate measures to save our economy, then the FG can as well legalize yahoo-yahoo temporarily, cause it'll surely bring some dollars. After all, when all efforts by Britain to colonize China failed, Britain inundated China with cheap heroin and cocaine to intoxicate the Chinese population and make them idiots who can't think straight. This to me is a desperate move, not strangling Nigerians by placing dollar ban. 8 Likes |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by NavierStokes(m): 12:54pm On Dec 20, 2015 |
Excellent7: Well said bro!!! Well said |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Fawklicant: 12:55pm On Dec 20, 2015 |
Bestbeelieve: Leave them. I'm noting their monikers. They will soon know how far. Same tactics, different decade! 3 Likes
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Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 12:57pm On Dec 20, 2015 |
dapsonlou: Look at this f00l 2 Likes 1 Share |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by obailala(m): 12:58pm On Dec 20, 2015 |
o42austino: tefund:The point is that, the dollarisation of the economy by allowing banks to accept currency deposits other than the naira, the dissadvantages and damage to the economy far far outweighs the economic benefits. There's a reason why no serious nation allows that. 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by tefund(m): 12:58pm On Dec 20, 2015 |
Sheggy13:i think emefiele should be replaced asap... imaging stoping forex inflow into dom account...over $20usd billion p/a from nigerians and benefactors abroad deleted just like that...destructive school boy error if you ask me 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by rusher14: 1:00pm On Dec 20, 2015 |
Sometimes you see seemingly educated Nigerians who evade the truth. Nigeria is broke. Nigeria became broke because as a monoeconomy which enjoyed years of boom it decided not to save nor diversify. When you have a boom as we did, you must realise rainy days would come at some point and as a matter of emergency you make the best use of your revenue. Right now there's not enough bank balance to support our imports and this reflects in our currency. To stiffle total devaluation some stringent conditions become necessary. To keep the Naira afloat one has to prevent it from chasing other currencies by preventing "luxury" purchases. A budget to stimulate the local economy becomes imperative. This hopefully helps the SMEs which in turn leads to more export and greater revenue. A good question to ask would be why are we even broke? Some others might ask, are we really broke? 2 Likes |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:01pm On Dec 20, 2015 |
Icecomrade:But the new minister just came in nah. Come to think of it how come the black market still sell currency? 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:03pm On Dec 20, 2015 |
Demmocrats:That means dollar go scarce before 1st of January 2016 |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Liamm(m): 1:08pm On Dec 20, 2015 |
2pointsonly:like funding of neteller account using master card(of some Nigerian banks). Is it still possible? |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by chuksmad(m): 1:08pm On Dec 20, 2015 |
only ss and se saw this coming |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Excellent7(m): 1:10pm On Dec 20, 2015 |
OlujobaSamuel: Sir, no matter how you spin it we are in deep shit. You might wish to channel the criticisms to whichever table you deem appropriate or more appropriate. We are in a May day situation and you want to engage in altercations over semantics. For over 6 months, a very crucial 6 months the economic thing was left to the CBN to handle in the absence of a finance minister, what did you say? What was you opinion then? Post it let us see? When the presidency was making monetary/ economic pronouncements about Naira, where were you? When shit hits the fan you want to add a spin. Discerning minds know that the CBN is not making these pronouncements in isolation. If the government is at variance with "CBN pronouncements" it has not been made known. And we all have an idea of when these by fire by force pronouncements started. Only a mad man dances without music. Sir, please don't just look, please see! |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:14pm On Dec 20, 2015 |
Some stupid najia guys curse it they have move to dubai with 500 atms withdrawing from atm and pos in indian shops with false purchases collect the money and sell to bdc guys in dubai at higher rates .the bdc guys in najia collect naira from politicans and govt offical locally then direct the offical to collect the foreign curreny in dubai for un ward lundering |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:14pm On Dec 20, 2015 |
Liamm:that's the whole essence of this thread. You can't make any payment(funding) with international merchants(foreign currencies). |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by tefund(m): 1:15pm On Dec 20, 2015 |
obailala:i think blocking forex inflow into account a major source of forex for nigerians over $20usd billions is an error... i had to bypass cbn, compelled my foreign partner to send perfect money recently |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:17pm On Dec 20, 2015 |
o42austino: Devaluation will increase prices and be hard on Nigerians. Nigerians must learn to produce locally. That's the way out. If you don't earn dollars, why should you w to spend dollars? 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Liamm(m): 1:18pm On Dec 20, 2015 |
2pointsonly:and to think I've planned to fund my neteller account next week makes this a bad news for me. Thanks all the same. |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:20pm On Dec 20, 2015 |
erico2k2: This is not about spending? Yet you're here claiming you understand the issues? Adult indeed! |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:20pm On Dec 20, 2015 |
Billions of dollar have beee withdraw by this crooks in china and dubai now nigeria bank are finding it hard to settle international obiligation nigerian hate their country 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by 989900: 1:27pm On Dec 20, 2015 |
Fawklicant: Buhari and his economic team are clueless; to use the mildest of adjectives -- this is not the 'change' millions voted for. This is madness! OTOH, Babangida didn't re-commence the OBJ '78 abandoned 3rd mainland bridge until '88 when oil prices soared again. 'Serious work' commenced in Abuja after the Orkar '90 coup -- oil prices were just on the 'fly' then. 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by stonemasonn: 1:27pm On Dec 20, 2015 |
SMH, somebody in the forum said IBB turned Nigeria around; no wonder Nigeria is the best country in Africa; mtcheew sorry for you brother. 2 Likes |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Cotton(m): 1:29pm On Dec 20, 2015 |
i think blocking forex inflow into account a major source of forex for nigerians over $20usd billions is an error... i had to bypass cbn, compelled my foreign partner to send perfect money recently To the best of my knowledge, inflows (transfers) have not been blocked. Received payment last week by inflow, so long as you satisfy the bank's KYC requirements. What has been blocked are cash deposits and local dollar inter-bank transfers 2 Likes |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by 989900: 1:31pm On Dec 20, 2015 |
erico2k2: You just named 3 manufacturing/export giants. |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by magicminister: 1:37pm On Dec 20, 2015 |
obailala: Very intelligent contribution. I am very curious to know why the cbn sells forex tobthe parallel/black market but not to the banks. The major leakages are from bdc's and online trading. Online trading leakage has been plugged but the cbn still sells minimum of 10, 000 dollars on a weekly basis to bdc. I dont think they are serious yet. 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Caracta(f): 1:42pm On Dec 20, 2015 |
Activa: I'm in transit. The CBN website is not navigating properly but let me direct you to the 3rd paragraph of the first post here: https://www.nairaland.com/2505146/cbn-bans-deposits-into-domiciliary “The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.” As soon as i download the circular, expect more. 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by 989900: 1:45pm On Dec 20, 2015 |
The country is going to collapse if proper economic gurus and real time practical business men are not consulted fast! #fact 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Caracta(f): 1:47pm On Dec 20, 2015 |
magicminister: If they want to block all leakages, let them start from BDCs. Else, everyone would run to the black markets. The real deal now is sending western union (outbound) to yourself few days before your trip so that when you travel, you can have something to spend. CBN should better block that too. Let us know we are looking forward to hard times. |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 1:47pm On Dec 20, 2015 |
Caracta: This is not a ban. They're only trying to make sure that only genuine requests for fx are met. Thanks 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Caracta(f): 1:49pm On Dec 20, 2015 |
Activa: I didn't call it a ban actually. I called it a SUSPENSION...temporary suspension. 1 Like |
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by dapsonlou(m): 1:50pm On Dec 20, 2015 |
josh4ever: If you know Economics this Would have been Easy for you. I live in US 6months of the year and 6 in Nigeria, my livelihood depends on Naira being Strong against the dollars. This Atm thing affects me, but I understand why it needs to be done. Naira is not stable, if you Spend 1000$ from you Atm at 240Naira, when it's time for your bank to pay the other bank, then dollars go's up to 280$ who do you think will pay the Difference? 1 Like |
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