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Nairaland Forum / Nairaland / General / Business / CBN Okays Withdrawals Of Dollars From Domiciliary Accounts (37485 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 bigtt76(f): 4:00pm On Dec 01, 2020 |
While the move seem the sensible thing to do, here are my takes 1. Do the banks have enough FX cash to handle payouts in the same FX? People would experience delays in cashing out due to scarcity and or the banks waiting for CBN to sell to them or the IMTOs repatriating the FX back 2. Aren't the banks FX position funded by the CBN? If you allow FX cash withdrawals through the banks, you are depleting the FX reserve to fulfill the payouts which is more or less recycling your foreign reserve at a cost 3. While it seem laudable, the best benefit would've been achieved if the IMTOs are allowed to connect directly with the BDCs and also smaller agents, that way it would help attract hoarders into releasing their stash instead of hoarding. 4. Hoping this won't dollarize the economy because everyone who withdraws from their account are bound to look for mallam instead of selling to BDCs or Banks ....why the need to withdraw sef if you're not traveling? 5. I'm also hoping its not a trap by CBN to lure the funds in and trap them by telling the banks to frustrate withdrawals. When the customers can't get the cash, they'll be forced to accept cash equivalent in Naira. Government can at the end of the day force a conversion of all fx in domiciliary accounts. ikorodureporta: 5 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Neoteny(m): 4:00pm On Dec 01, 2020 |
After they made me lose over 700k in September 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by samsard(m): 4:04pm On Dec 01, 2020 |
Ayo2004:There's nothing like oversabi. He was excusing his ignorance based on being a science student, which is ridiculous. I don't know everything either, but I don't go about excusing my ignorance with being a social science student. You're the one doing oversabi. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by rexlims(m): 4:12pm On Dec 01, 2020 |
lowkeybahdguy:u dey mind dem? This CBN guvnor Na real olodo him be. Any where belle face. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 4:15pm On Dec 01, 2020 |
SenecaTheYonger: We are a import nation does not mean we import everything. Most of our foods are home grown and are affected by inflation due to greed of wholesalers and retailers, violence in the north, kidnapping and bad roads, double taxation all these causes prices of goods to increase. The goods affected by dollar crises in Nigeria are mostly luxury goods and goods not produced in Nigeria. Local products are not affected by dollar rate. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by agboola93862: 4:33pm On Dec 01, 2020 |
Interesting times ahead.. u dey mind dem?This CBN guvnor Na real olodo him be. Any where belle face. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Ayo2004: 4:35pm On Dec 01, 2020 |
samsard:I was trying to get knowledge to eradicate my ignorance on this certain matter so I am in no way an oversabi...the part about the science student simply means I did not study anything related to the topic so it is not easy to completely understand even though I understand some parts as I studied science subject,then u went to bring on to bring examples of Bill Gates and English language which is completely irrelevant..even though many Nigerians use I am a science student,I am an arts student,I did not offer this in some ridiculous situations,I advise u try to understand genuine situations,If a person brings an accounting document and tell me to help with a balance sheet,I will tell him or her proudly that I can't help because I am not too knowledgeable in that aspect as science is my area of focus but I wouldn't mind learning...that's how I learn things I don't know P.S;I don't think u know the answer so please don't quote me |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by MrRegret: 4:36pm On Dec 01, 2020 |
I thought Nigerians are smart now, I guess was and am wrong, no look far, when has any policy brought up in this country in the last 6yrs beneficial to the average man and the economy? Whahala for who no get person wey they send am dollar 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Ayo2004: 4:37pm On Dec 01, 2020 |
thebosstrevor1:Many equipments used in production of local products are imported..so it affects |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by SenecaTheYonger: 4:38pm On Dec 01, 2020 |
thebosstrevor1: Man, why you guys keep lying to yourself? So because we grow rice, Is rice the only thing a man need? |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by DexterousOne(m): 4:39pm On Dec 01, 2020 |
ILoveDemMANNA: I think the person you quoted is right Everytime the USD dips Your naira just got a lil more useless That's the truth Tho I dont know if it will get to N1k per usd If it does Then naija is done 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Penboy: 4:43pm On Dec 01, 2020 |
koning: You be clown.. The dollars is coming from overseas. What concerns bank and having dollars for payout? Abroad bank send you dollars... The bank serving as a receiving end.. And you go collect your thing. If that particular bank doesn't have, go island. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Penboy: 4:46pm On Dec 01, 2020 |
bigtt76: 1.The Nigerian Bank doesn't generate the fx. The FX is coming from abroad. It's a transaction nau. 4. Is the aim not to dollarize the economy before?? Or why dyou think the dollar is gaining? You spoke long but you don't understand. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by bendike: 4:49pm On Dec 01, 2020 |
Fibonacci88:Lol. He has a simple mind. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Coinbased: 4:55pm On Dec 01, 2020 |
Ok |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by surgical: 4:55pm On Dec 01, 2020 |
BabaOwen:in fact,his policies are not usually well taught out,he has done more harm than good to the economy |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by iamJ(m): 4:58pm On Dec 01, 2020 |
thebosstrevor1:with the emergence of mobile payments, it's going to be hard for any company to enforce such practices, nigeria is sleeping, debt to gdp ratio of Nigeria is 15% america 101% china 300% Poor governance and policies are our biggest issues. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 5:00pm On Dec 01, 2020 |
bigtt76: The policy by CBN has nothing to do with banks but IMTOs. Banks are not licensed to be IMTOs but can be agents of IMTOs. It's not the bank that's generating the Fx. They are only agents to disburse the funds. Before everyone can collect USD from western union, the policy is only saying if someone sends you money via western union or other various channels, you can collect the cash in USD or have it sent to you dom account. I only hope the IMTOs implement it soon |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 5:02pm On Dec 01, 2020 |
thebosstrevor1: The topic is misleading. The policy has nothing to do with banks but IMTOs. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Coldie(m): 5:03pm On Dec 01, 2020 |
thebosstrevor1:Them dae mad, what did they contribute to me getting the money. How my money use concern them |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by homebase(m): 5:31pm On Dec 01, 2020 |
You are spot on! For about 3 months i am unable to withdraw the dollar sent into my dom account by my sibling because the bank is saying i can't withdraw because of CBN policy. So i believe just like me many people are having their dollar in dom account without access. I made a comment here that how can Nigeria be sourcing for hard currencies to boost our foreign reserves and CBN was discouraging Nigerians in diaspora from sending money home. I also remembered asking which kind Economy sense iis this coming from a whole CBN? Then i made a submission that dollar will hit $/500 banom: 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Rugaria: 5:33pm On Dec 01, 2020 |
The ignorance on this thread is very suffocating.. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by omoyankee3(m): 5:36pm On Dec 01, 2020 |
I suggested this move a few months ago....its common sense. It will create a positive snowball effect on the economy. So they knew the right thing all along but refused to do it because of greed. Anyways it's a welcome development 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by HoluGraze: 5:37pm On Dec 01, 2020 |
Johnrake69: The bolded is really affecting |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by blaise26abj(m): 6:10pm On Dec 01, 2020 |
ikorodureporta: This was their end game. They have cashed out . Who benefits immensely from the huge disparity in official and black market rates ? The people controlling the dollars we make as a nation . And who are these people ? The CBN and their cronies . Buhari is a lifeless , clueless man and everything goes in his administration . |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Carlmax(m): 6:16pm On Dec 01, 2020 |
Folks advise me, I have some dollars in cash, how best do I save it without losing value... It's a little above $1000. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Carlmax(m): 6:19pm On Dec 01, 2020 |
Rugaria: Please educate us, let's hear your take on this directive... I have very little knowledge about foreign exchange. 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by bolagabriella: 6:34pm On Dec 01, 2020 |
I just want to point out that it is not a crime for anyone to acknowldege their ignorance in the subject matter due to lack of basics. I am a science student and I'm trying really hard to understand what is been said here but it's quite difficult as the economist here seems to have different opinions on the subject matter due to individual level of knowledge on the subject matter. Now would someone with a little bit of patience explain it all better in a lame man language. Or betterstill,i will explain the way i understand it and would appreciate if someone would say if I'm correct or not, and explain better. My understanding is that there would be no need for people who wants to send money to nigerians to first convert the money into naira? The USD will be very much in circulation,thereby overcoming the issue of scarcity of USD in banks due to hoardement by those involve in black market exchange? Due to this major circulation,there is the possibility of USD to naira exchange rate to decrease,which might inturn lead to the govt/cbn achieving their $1-#1? Thanks. 3 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by bigtt76(f): 6:46pm On Dec 01, 2020 |
Yes I get you but the IMTOs don't fly in the dollars or pounds to be credited into the beneficiary's account? The IMTOs will not do the cash out from your ba k accounts - the banks handles that. How the banks are able to manage this depends on how much forex they can get from the CBN locally to knead off what they're able to transfer into the CBN's position from what they got from the IMTOs. BTW the IMTOs currently sell their dollars to the banks and not the CBN Studymore123: 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by samsard(m): 6:47pm On Dec 01, 2020 |
Ayo2004:I watch the forex market every day because I partly earn in forex, but wouldn't waste my little knowledge of it on you anyway. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by SocialJustice: 6:55pm On Dec 01, 2020 |
Better late than never. I do not expect the naira to recover significantly though. |
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