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Nairaland Forum / Nairaland / General / Business / CBN Okays Withdrawals Of Dollars From Domiciliary Accounts (37494 Views)
BDCs Back CBN’s Directive Stopping Use Of Domiciliary Accounts As Collateral / CBN Lifts Restriction On Domiciliary Accounts, Allows $10k Withdrawals / FOREX: No Plan To Convert Domiciliary Accounts Into Naira - CBN (2) (3) (4)
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Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by collins0032(m): 3:00pm On Dec 01, 2020 |
Nice one |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by samsard(m): 3:01pm On Dec 01, 2020 |
Ayo2004:People like Bill Gates don't use the excuse of being science students because they're science students. I laugh when some science students say they aren't good in English simply because they're 'science students.' Only Nigerian science students 2 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by banom(m): 3:01pm On Dec 01, 2020 |
SenecaTheYonger: Bro say what you know and stop giving people advice on the things you do not understand. The new policy will actually help naira in terms of exchange rate versus other foreign currencies. One of the reasons a dollar exchanges for about 500 naira at the black market while exchanging for below 400 naira at the bank is because the bank wouldn't give you dollars to go and exchange at the black market. It somehow contributed to scarcity of dollars at the black market. But now when the dollars starts flowing to the black market through People who cashed their diaspora remittances, they will have more dollars, and that might contribute to exchange rate fall of the dollars and increase of the naira at the black market. ( Due to the selling of dollars and the buying of naira by diaspora beneficiaries exchanging their dollars for naira). 5 Likes 2 Shares |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by FrankLampard: 3:07pm On Dec 01, 2020 |
ikorodureporta: How? or Dollar go plenty even for street, we go dey pick dollar for ground. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Cmanforall: 3:08pm On Dec 01, 2020 |
ikorodureporta:It Seems this is to favour the looters. Rates will rise |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:08pm On Dec 01, 2020 |
SenecaTheYonger: Nonsense analysis. We dont use dollars in Nigeria And most people dont care about dollar rate. Inflation rate is what matters the most in a local economy 4 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by SenecaTheYonger: 3:08pm On Dec 01, 2020 |
banom: $1 is now #500. My post is explaining how the devaluation of naira affects your saving. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by iamJ(m): 3:08pm On Dec 01, 2020 |
This will actually help the government alot, going to flood black market with dollars, it will bring the dollar down, smart. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by iamJ(m): 3:09pm On Dec 01, 2020 |
FrankLampard:people are stupid in this country, they can't see that this is positive news. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Cmanforall: 3:10pm On Dec 01, 2020 |
iamJ:I think it's the other way round Hoarding of dollar will increase because of the recession |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by nextstep(m): 3:12pm On Dec 01, 2020 |
This will give a much-needed psychological boost which will reduce the rate; $1/N500 is just silly... but it's a basic truth of our situation: we import almost everything we use and are dependent on the price of oil (and foreign remittances) Economics 101: what happens when there is more money chasing a fixed amount of goods? Inflation, price of the goods go up. What happens when there are more dollars chasing a fixed amount of naira? Same thing, price of naira should go up. But this being Nigeria, we're going to hear of dollar hoarding, so I won't be surprised to see it hit N550 or more this December. Why does CBN like to flip flop on basic policy all the time? It's like they didn't pay attention in Econs and are using us as their practicals? 2 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:12pm On Dec 01, 2020 |
iamJ: That is if people are actually sending dollars to Nigeria |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by nextstep(m): 3:14pm On Dec 01, 2020 |
samsard: I think he meant the other type of "science student" ![]() |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:14pm On Dec 01, 2020 |
SenecaTheYonger: That is black market rate. Dollar isnt actually 500 naira to a dollar in the black market. You actually hassle the price and also it depends on the quantity of dollars you are bringing before they can even give you 500 naira for your doĺlar |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Ayo2004: 3:16pm On Dec 01, 2020 |
samsard:Oga,can u explain if the naira will increase value or not?if not,abeg,don't quote me again...do you think an average Nigerian without knowledge in that area will understand the impact of that action by CBN?as rich as Bill Gates,he can't understand everything,he might not have experienced legal knowledge,that's why he will consult his lawyer for legal advice,una go just come here dey form oversabi 4 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by iamJ(m): 3:17pm On Dec 01, 2020 |
thebosstrevor1:Depends on where the money is coming from but most are paid in dollars, that influx of forex should make the naira stronger but cbn messed up, if they can enforce this policy and force banks to follow it, dollars will crash, hoarders will have to sell, I hope its enforced, if you want to understand how absurd this math is, check the price of an egg in Nigeria vs America, then compare the price difference to dollar vs naira, a few people encouraged dollar scarcity to inflate their wealth vs the naira, if this is enforced, naira will rise. 3 Likes 2 Shares |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Ayo2004: 3:18pm On Dec 01, 2020 |
banom:Thank u jare...your head correct,unlike some people 2 Likes 1 Share |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by FrankLampard: 3:23pm On Dec 01, 2020 |
banom: No mind the guy, science student no mean say you no go dey read to understand. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by kamossreal(m): 3:23pm On Dec 01, 2020 |
Emiefele..... And buhari.... Has fried this country. Domicilary u should be able to withdraw in dollar... This is how it was....before .....Now that the dollar is scarce. They now Remite it. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:24pm On Dec 01, 2020 |
iamJ: Similar policies like this have been done before and it yielded no results, it lead to the dollarisation of the economy. People stop accepting naira bills then cbn had to bring a circular in 2015 to make it a legal offense if you don't take naira notes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by 27Pushing30: 3:25pm On Dec 01, 2020 |
I’m in banking so nah the guy you quoted is not being kiddish . The tight squeeze on USD access by CBN even at a time when global economies are contracting due to COVID and Naija being an import dependent economy was always laughable. Most times the constant policy summersaults make me wonder if these guys just read an economics textbook and immediately apply it without asking themselves why they (economists) actually advocate local solutions to local problems. Additionally, l I’m an APC supporter but still CANNOT understand why they (govt ) are still keeping our borders shut shut ILoveDemMANNA: |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by koning: 3:26pm On Dec 01, 2020 |
PHIPEX: A banker spotted. He is already making an excuse for why they cannot pay out in Dollar. This policy is a mirage. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by banom(m): 3:35pm On Dec 01, 2020 |
thebosstrevor1: God bless you bro. I explained everything to him, but he is still arguing ignorantly. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Coldie(m): 3:37pm On Dec 01, 2020 |
Nice one... I once received $10,000 It was changed to naira without my consent |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by iamJ(m): 3:40pm On Dec 01, 2020 |
thebosstrevor1:I don't think this exact policy has been tried before, some schools and businesses and land owners insist on being paid in dollars, such practices have been banned, the idea is to increase demand for naira against dollar. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by AIT1(m): 3:41pm On Dec 01, 2020 |
Please, who can help me get references to open a dormiciliary account...I don't have the references this bank people dey ask. Thanks. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:43pm On Dec 01, 2020 |
iamJ: This is the policy CBN has been using. Before, you can withdraw your dollars from your domiciliary account and go change it in the black market. It was a normal thing to do before people started rejecting naira |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Psoul(m): 3:44pm On Dec 01, 2020 |
Nigeria economy does not respect any known Economic Principle/Practice. We have witch economy. Apply a principle that works in every country's economy to Nigeria economy, it will still not work. Make we just manage the economy as we see am. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:44pm On Dec 01, 2020 |
Coldie: ![]() ![]() Without your consent. ![]() ![]() Are you bigger than CBN that implemented the policy 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by ttobizz(m): 3:46pm On Dec 01, 2020 |
This is absurd... Nigeria is sinking |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by faste: 3:52pm On Dec 01, 2020 |
FrankLampard:Welcome back to GEJ era! |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by SenecaTheYonger: 3:59pm On Dec 01, 2020 |
thebosstrevor1: We are an import based country. More than half the country are biz men and women into importation. They have to source for dollar from their savings to import goods. When they witness how expensive the dollar is, they’ll also raise the price of their goods to meet up. It’s pretty simple really 1 Like |
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