repogirl:
you are not depositing cash... The agent will transfer from his dollar account to yours. You understand?

Yeah, got you now.

But at the black market rate, right ?

IFELEKE:

Omo Iya,
The CBN said it's trying to save the naira from further bashings at the international market hence the restriction.
Deposit banks(commercial banks) are struggling to make payment for services rendered by the numerous international merchants at a rate not too favourable to them. The sharp disparity in the official and parallel rate of dollar is also not helping matters.
Our banks are heavily indebted to mastercard, visa et al and the CBN does not have any reasonable clue as to bail out so the total restriction is their way of saying no more accumulation of debts!
May God help Nigeria in the year to come...

Amen!

AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.

And as an Abo.ki pikin , I am sure you have a load of Ghana must go bag of Dollars with you over there that why you wont bother you

Most of those bashing me are self centred, we are talking about national interest. I've a well established business abroad to those who are calling me guard man. If our local industries are not making huge sales how would they sound good. The Nigeria of today is living outside it nationhood. We lack patriotism, anything made in Aba will not be your paramount in your purchasing list. We want to develop how can we develop when we dont appreciate our God giving talent. The policy has come stay, all those schooling abroad must come back, all those going for medicine abroad must come back, all those going tourism abroad come here we have it here.
Review yourself don't insult or names calling.

AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.

happy as in how? are you working there or studying wallahil azeem this is a big problem! how is someone going to settle his school tuitions, accommodation and other expenses??

santos247:
Those who asked which party i voted for may have this to toy with....

I voted Change..PMB/PYO.

Have we quickly forgotten that this is a CBN policy and not a PMB directive? Who appointed the CBN boss? Is this not a remnant of cluelessness??

You soon lick Buhari toilet so it only when age Buhari put his man or brother in any office that u will learn how to suffer and smile!

drnoel:
This just affects the debitCards attached to a naira account and not the ones attached to a Dollar account. Pls People should have their informations right. If anyone has contrary Information that can prove me wrong pls paste link.

Unfortunately, it is one and the same thing afterall.
Look at this scenario:

Already, dollar deposits has been banned months ago. This means you cannot credit your dorm accounts.

Secondly, there are no dollars available to buy even if dollar deposits were possible.

In essence, naira accounts were the only options for transacting abroad.

And now, even that will not be possible.

Muhdg make i ask you please

Guys, please I need your opinions here:

https://www.nairaland.com/2811706/excess-charge-first-bank-visa#41207664

Firefire:


Yeah, got you now.

But at the black market rate, right ?

okay.... Its with 5$ on top the blackmarket rate

Fulaboy:
Muhdg make i ask you please

Lol. We don't use atms

We just transfer in naira to 'mai chanji' and he gives us the equivalent.

MuhdG:

Lol. We don't use atms

We just transfer in naira to 'mai chanji' and he gives us the equivalent.

oh su ta yaya sukeyi tou suna ansan naira anan ne! kagapa ko dollar din zaka siya tsada ne da ita

Fulaboy:
happy as in how? are you working there or studying wallahil azeem this is a big problem! how is someone going to settle his school tuitions, accommodation and other expenses??

This is the worst!!!

Fulaboy:
oh su ta yaya sukeyi tou suna ansan naira anan ne! kagapa ko dollar din zaka siya tsada ne da ita

Eh, zaka iya basu naira or zaka iya internet transfer. If u have the dollars also, the will accept.

urchmanx:

Sorry bro I have never used western union in Nigeria. Let me ask you one question. Do you source your own dollar or the bank debits your account. And since the op is not in Nigeria. Can he access his account online and make the transfer or is he going to risk his funds to a third party before such transaction is made. Please educate me. I want to understand the situation here.

apparently you send in naira....just walk into the bank and ask for a WU or moneygram SENDING form...give them any ID like passport, drivers license, national ID, voters card etc...then pay whatever you wanna send in naira and they will tell you the amount your beneficiary will receive and the charges...like if they send 50k to me the charge is 4000...way lot cheaper than atm witdrawal...he can tell his parents to do that...its hassle-free

ImpactWorld:


Unfortunately, it is one and the same thing afterall.
Look at this scenario:

Already, dollar deposits has been banned months ago. This means you cannot credit your dorm accounts.

Secondly, there are no dollars available to buy even if dollar deposits were possible.

In essence, naira accounts were the only options for transacting abroad.

And now, even that will not be possible.

Oh ok didnt know there was restriction of buying dollars in nigeria. What of funding ur dorm accounts by wire transfer via foreign account sources or via money transfer? I have always used that and it has not yet failed me. Beside I have a friend that funds his dorm account with western union and he just stays in Ghana.

AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.

You are d most stupid person in Nairaland web. Banka!

bayulll01:


You stupidity and ignorance no get part 2,firstly ask yourself.

Can you bring america master card or visa and use it here in nigeria.

Can you open a bank and deposit naira in america or other european nations.

Can you use america bank master card and shop here in nigeria,if you can answer those questions first I will help you reset your brain.

N.B there are many loop holes that this current administrator is trying to block since its now paramount that both yam and goat cannot live together,instead let's keep the yam from the goat or both kept apart.

Its a temporary policy,most banks are paying too much for your silly amount you withdraw in another country or your idiocy 5dollar hosting you are paying

You talk about ignorance, but you are the one who has done NO research. You CAN use almost every country's foreign ATM cards here in naija so the answers to your questions 1 and 3 are yes.

Even my union pay from China works here!!

i will be in a big mess from next, i m in abroad and i depend solemnly on my Nigeria account to carry out any transaction and i dont even know my faith as from next yr Jan, i tried to register my BVN but some of the center they ve is way way far from me and i dont ve a visa to go to any of the center. pls good ppl of Nigeria in the house any solution to this cos this gives me sleepless night..
thanks

santos247:
Those who asked which party i voted for may have this to toy with....

I voted Change..PMB/PYO.

Have we quickly forgotten that this is a CBN policy and not a PMB directive? Who appointed the CBN boss? Is this not a remnant of cluelessness??

Its naïve to think that the president will just let CBN gov destroy his government by bringing in anti masses policy. At policy from CBN must be approved by the presidency before being implemented.

AkinPikin:


Let me try to educate you small my brother.

1. For every $10 a Nigerian spends, $9 comes from crude oil sales by the Federal Government or the national reserves.

2. OBJ left over $70 Billion for Yar'Adua when he left office in 2007. Average oil prices under OBJ was about $65/barrel.

3. Yar'Adua left $65 for GEJ when he died in 2010. Average oil prices under Yar'Adua was about $45/barrel. Remember oil fell to as low as $38/barrel in 2009? Most of the $5 to 7Billion that Yar'Adua spent was to defend the Naira during the global crisis of 2009, save the banks that fell into trouble in 2009, and fund the amnesty programme for the Niger Delta militants. Notice again the difference between what OBJ and Ya'Adua made from oil.

4. GEJ on the other hand, left $29Billion for PMB. Average oil prices under GEJ was $92/barrel. There were months when oil sold for as high as $130/barrel. For 3.5 years (2011 to June 2014), GEJ sold oil for over $100/barrel. For your information, GEJ presided over the richest years in Nigeria's history, yet he ate what we were to have saved and even ate what was handed over to him.

I have told every one who had ears that whoever takes-over in June 2015 was going to see hell - whether it was GEJ or PMB.

I am at least glad that we have removed the bastard that brought our dear country to this sorry state.

PMB can only work with what he has been handed with. That is why he is chasing corrupt people, looking for money to fund the budget and meet his electoral promises. Government is a continuum. The problem we have now was handed over to us by GEJ and his band of rogues. You think we would be where we are today if his government had saved $100Billion in reserves?

I am no ethnic or religious jingoist. I voted for GEJ in 2011. I deeply regret doing so now. I have friends that have lost jobs because of the man's stupidity since late last year.

As they say, opinions are free, but facts are sacred.

http://www.thisdaylive.com/articles/sanusi-nigeria-never-had-67bn-foreign-reserves/141349/
The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has stressed the need for a thorough governance review of transparency and accountability in the oil sector.

Sanusi said this while presenting a speech at a forum organised by members of the Metropolitan Club in Lagos Tuesday.

Responding to questions on Nigeria’s external reserves, the CBN helmsman who apparently was making reference to a recent feud between the Federal Government and a former vice-president of the World Bank, Mrs. Oby Ezekwesili, said the country never had $67 billion reserves in its history.

He however said: “It is a debate I will like to avoid getting into deliberately because it is a debate where you have the truth on both sides.

“The highest level reserves had been was $62 billion under the late President Umaru Yar-Adua. There is also a certain truth to a basic proposition that if we save money when oil price is high, it is expected that when oil price crashes, we would de-save.

“Look at Germany, United States, United Kingdom, after the crisis, they all had huge deficits. So our deficit resulted from a reduction in reserves.

“Now having said that, no one can deny that between 2010 and 2011 when oil price was going up, we should have saved more than we actually did and we spent more than we ought to. As CBN governor I spent the whole of those two years talking about fiscal leakages.”

He noted that it was right for questions to be asked, especially in a period when payment for fuel subsidy which is paid from the Excess Crude Account (ECA), rose sharply from N300 billion to N2.1 trillion.

Despite the relative price stability recorded by the economy, Sanusi also stressed the need for diversification of the economy, saying that “all it takes is for oil price to go to $40 per barrel for us to go back to where we were. We need to get the economy to a point where if oil price crashes to $10 per barrel, even if we feel the hurt, we would not cause a distortion.”

Sanusi however acknowledged that the Coordinating Minister for the Economy/Minister of Finance, Dr. Ngozi Okonjo-Iweala, has done a lot to address the fiscal leakages in the economy.

“I must say that there have been tremendous amount of progress made on the fiscal side. We have seen a lot of work being done to shut down some of these leakages and it is that work that is being done by the finance ministry since Ngozi took over that has actually helped in bringing up the reserves and stabilising the exchange rate,” he added.

Speaking on the financial system, he pointed out that the sector contributes only four per cent of GDP.
He however argued that: “Fixing the financial system doesn’t fix much. How many people are employed in the financial system compared to the number of people employed and the impact you get from the agricultural sector, manufacturing?

“Financial services sector cannot be the engine for growth. I have had this debate over and over again about bank workers being sacked. The banking industry is not set up to create jobs within itself; it is set up to provide capital to people who create jobs. By the time your biggest employers become the banks and the government, you have a problem. The government and the banks are supposed to build the rest of the economy.”

MuhdG:

This is the worst!!!

and this dollar isn't helping matters you cant imagine your tuition fee now! try and calculate it

AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.

You stay abroad so others would not make their payments or those that have secured admission would forgo their admission. We are looking at products how about other services. I dare say it wasn't properly analysed..

MuhdG:

Eh, zaka iya basu naira or zaka iya internet transfer. If u have the dollars also, the will accept.

oh! zan duba! amma kanaga internet transfer din ana iya turowa foreign account

JayJustus:


apparently you send in naira....just walk into the bank and ask for a WU or moneygram SENDING form...give them any ID like passport, drivers license, national ID, voters card etc...then pay whatever you wanna send in naira and they will tell you the amount your beneficiary will receive and the charges...like if they send 50k to me the charge is 4000...way lot cheaper than atm witdrawal...he can tell his parents to do that...its hassle-free

Ok thanks for that infor. Back to op stress. Do you also know that most people outside Nigeria didn't have their passport handy because sometimes it takes school a lot of time to process their passport. Just saying.

LordAdam:


Maka why? Who let you out of your cage?

Receive sense!

1. Yes.
2. No, because naira is not a universal currency. The USD is.
3. Yes.

Chai, the last statement is a testament of your cluelessness.

We need to do IQ test before giving people PVC. People go dey shout GEJ is clueless, and this Otondo go open mouth talk.

-Lord

if i had a gun, i would have shot that guy in the head point blank...gullible Nigerians, This is not just going to make the poor suffer, it is going to increase inflation and smuggling.

spacyzuma:


Desperate times, desperate measures.

I suggest you find a Nigerian or South African who has large-enough bank funds in both Nigeria and South Africa.

You transfer Naira to his/her Nigerian bank account, and the person gives you the Rand-equivalent in South Africa.

All the best.

Exactly...that's what I have been forced to do too. people are using this to hammer cause they are using premium rates even higher than black rates for this type of transactions .

AkinPikin:


Let me try to educate you small my brother.

1. For every $10 a Nigerian spends, $9 comes from crude oil sales by the Federal Government or the national reserves.

2. OBJ left over $70 Billion for Yar'Adua when he left office in 2007. Average oil prices under OBJ was about $65/barrel.

3. Yar'Adua left $65 for GEJ when he died in 2010. Average oil prices under Yar'Adua was about $45/barrel. Remember oil fell to as low as $38/barrel in 2009? Most of the $5 to 7Billion that Yar'Adua spent was to defend the Naira during the global crisis of 2009, save the banks that fell into trouble in 2009, and fund the amnesty programme for the Niger Delta militants. Notice again the difference between what OBJ and Ya'Adua made from oil.

4. GEJ on the other hand, left $29Billion for PMB. Average oil prices under GEJ was $92/barrel. There were months when oil sold for as high as $130/barrel. For 3.5 years (2011 to June 2014), GEJ sold oil for over $100/barrel. For your information, GEJ presided over the richest years in Nigeria's history, yet he ate what we were to have saved and even ate what was handed over to him.

I have told every one who had ears that whoever takes-over in June 2015 was going to see hell - whether it was GEJ or PMB.

I am at least glad that we have removed the bastard that brought our dear country to this sorry state.

PMB can only work with what he has been handed with. That is why he is chasing corrupt people, looking for money to fund the budget and meet his electoral promises. Government is a continuum. The problem we have now was handed over to us by GEJ and his band of rogues. You think we would be where we are today if his government had saved $100Billion in reserves?

I am no ethnic or religious jingoist. I voted for GEJ in 2011. I deeply regret doing so now. I have friends that have lost jobs because of the man's stupidity since late last year.

As they say, opinions are free, but facts are sacred.

More so, read wide sir. Sanusi (one time CBN governor and currently emir of Kano) spent from one time to another, a total of 117 billion dollars to defend naira during his tenure. The money was from external reserve .

AbuMaryam1:
Most of those bashing me are self centred, we are talking about national interest. I've a well established business abroad to those who are calling me guard man. If our local industries are not making huge sales how would they sound good. The Nigeria of today is living outside it nationhood. We lack patriotism, anything made in Aba will not be your paramount in your purchasing list. We want to develop how can we develop when we dont appreciate our God giving talent. The policy has come stay, all those schooling abroad must come back, all those going for medicine abroad must come back, all those going tourism abroad come here we have it here.
Review yourself don't insult or names calling.

I agree with your position and i'm personally badly hit by this policy as I earn a substantial part of my income from Nigeria (lets even forget that its now N400 to a Pound). However I think you should have been more sensitive considering the touchy nature of the issue being discussed.

Overall however, this was inevitable. The ridiculous demand for forex must be controlled if the Naira is to ever recover, so I embrace this policy despite the sharp pain it brings with it. You are quite right about patronising Nigerian products because what we need right now are exports of finished goods and not imports of goods with local substitutes. The activities of some irresponsible importers that travel with over 20 ATM cards was a pointer that this policy was bound to be enacted. Its no surprise that the ban was immediate in China and UAE.

I remain glad and thankful that I voted out the cancer called Jonathan/PDP and his dollarization of the economy/looting of foreign reserves that brought about this mess in the first place.

hello guys lets switch to bitcoins how about that.....

mankand:
I'm interested in this. Not only students, but all Nigerians in diaspora will bear the pain.

Those who made the policy didn't have their reasoning cap on

I don't know means to get my business money from Nigeria again.
this government is a joy killer

olabukola:
Its naïve to think that the president will just let CBN gov destroy his government by bringing in anti masses policy. At policy from CBN must be approved by the presidency before being implemented.

What would you have advised the Presidency to do in this situation?