linearity:
It appear the answer is to open a dom account in Nigeria, base on my understanding from what I have read so far, this policy only affects naira accounts.

Yes, buying dollars on the streets to fund your dom account can be expensive, but what is the use of that money, when you can't spend it.

Another method is to look for 9ja abroad who operate accounts in Nigeria and strike a deal with them, do Internet transfer into their 9ja account and they can pay you cash abroad in hard currency or make a reciprocal transfer into your foreign accounts. I have done this for countless friends, it is a win-win, but again be ready to make the transaction at the prevailing market rate.

Many 9jas abroad having one or two on going projects in 9ja or the constant need to pay someone in 9ja and as such can be open to such one way transactions i.e. Money going into their 9ja naira account without needing back abroad.

linearity:


These links are directly from the source, like they say from the 'horse mouth' aka from First Bank, UBA, Stanbic Bank, GTB, etc; are you saying these Banks can be parading what they no longer offer online? It is understandable when one bank fails to take down such products from their websites, but all of them can not just forget to take it down at the same time.

If you say, their are some restrictions in obtaining a dom account, I will agreed, but a total ban? Haba, Nigeria never bad like that na....I know there was a time the Banks were complaining of been flooded with foreign currencies in dom accounts, because according to the Banks..'their faults were full": http://www.vanguardngr.com/2015/08/cbn-domiciliary-account-and-the-economy/

..and as such they implemented some restrictions...in any case..it appear those same faults no longer have foreign currencies and they have gone in the opposite direction in terms of policies/restrictions...

That is 9ja for you, but I love that country die, it is the only place on earth where my body, soul, spirit and mind are in unison.

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

uchetobi:

This isn't true. Why do people say non truths with so much authority

You can do western union transfer but limited to $1000 / quarter / individual

bayulll01:


Some of you are just funny,someone is telling you can bring america debit card here and withdraw naira ogaoo some pple shaa.

Ok I get all your point,you can't bring those card here it won't work cos bank over there are not ready to pay any charges on your card the way bank pay master card and visa here,some of this bank are already in debt as a result of some of the silly transactions you do over there with our naira master card,so get it straight.u sound knowledgeable enough do ur finding oga

uzolexis:


I understand what you are saying, we need to invest, we need to make our economy better but this is the wrongest way to go about it. Economic studies has shown over and over again that closing your economy almost always makes it worse.
Don't you think a better solution would be for the govt. to invest in our local industies, give them tax breaks and all that, that would give them a better platform to compete with the imported or foreign ones and would spur them to even be better.

MuhdG:

Hmm. Wen dollar was 163 our tuition was about 500+ n now its almost double that amnt.

Popc sef don dey complain

YerYer:
Transfer the funds into someone's account in naija and have them send it to you via western Union or money gram. You might also consider buying paypal funds, not sure if paypal is used in South Africa.

Good luck.

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.

urchmanx:

This is an online forum were you didn't know whom you may be talking to, the purpose of forums like this is to share ideas and learn from people who may have direct experience with issue been discussed. You have showed how myopic you are with your reasoning in your first post and people corrected you. Stop trolling because that is what you are doing. Once again I will confirm to you that you can take your American card and withdraw naira when you are in Nigeria. Because Nigeria rated a fraud risk nation you just need to give your bank a heads up.

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.

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??

Fulaboy:
he have more than enough reason to complain now and i heard accomodation at your side there is d@mned expensive

MuhdG:

Wlh fa. No mind d yeye people.
Son kudi ya musu yawa

Fulaboy:
walahi yanzu naje atm! da kyar first bank yaban 25k! we are dead

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.

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

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.

MuhdG:

Hehe. Don't worry man, its just for a short while.

Remember... u must suffer before u enjoy

uchetobi:

This isn't true. Why do people say non truths with so much authority

You can do western union transfer but limited to $1000 / quarter / individual

JayJustus:


lol...which cave have you been living since?? my dad has been using WU and moneygram to send to me for the past year...it actually started september 2015 with only moneygram but WU has joined now...

https://firstbanknigeria.com/products/services/money-transfers/western-union-money-transfer/

urchmanx:

What of personal upkeep? I guess that is were the question is.

benji93:
you can friend, i am currently in turkey and i received money from Nigeria about two weeks

Fulaboy:
in this case you might likely die walahi baka kai labari ba

LordAdam:


We are not talking about ban. We are talking about buying. Right now, buying is very difficult because dollar-denominated transactions are highly restricted. Do you follow??

-Lord

chinedu1nig:


i will advise you again... read widely before you comment. don't follow multitude to do evil my son.

Standard Chartered Bank had in email to customers to this effect, stressed that their naira debit cards will no longer be used for international transactions, from January 1, 2016. It attributed the decision to limited foreign exchange supply in the market.

It said the action, remains a temporary measure that will be reversed when the forex supply improves.

Equally, Diamond Bank emailed its customers, specifying countries where their cards are acceptable. “Due to the current forex market realities, please be informed that your naira debit card has been restricted for usage in United Arab Emirates, China and African countries. We encourage you to make use of the Diamond USD Dollar or Diamond GBP debit card to transact in any of the above mentioned countries,” it said.

The bank also promised its customers unlimited annual spend from their dollar and Pounds Sterling accounts; increased daily spend limit across all channels like web, Point of Sale (POS) terminals, Automated Teller Machines (ATMs) among others

Matinho:


Great, go to the bank tomorrow to send western union,come back here to tell us your experience.

uchetobi:

I don't have to go to Tomoro and come back, I received here in Houston last week Friday from my mom sent through first bank
If it's unavailable today, it's because the participating banks have exhausted their quota for the quarter, This is after all the last week of the quarter and of the year
Stop driving panic

uchetobi:

I don't have to go to Tomoro and come back, I received here in Houston last week Friday from my mom sent through first bank
If it's unavailable today, it's because the participating banks have exhausted their quota for the quarter, This is after all the last week of the quarter and of the year
Stop driving panic

YerYer:
Transfer the funds into someone's account in naija and have them send it to you via western Union or money gram. You might also consider buying paypal funds, not sure if paypal is used in South Africa.

Good luck.