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Central Bank Of Nigeria New Directive On Money Transferred To Nigeria - Business - Nairaland

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Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Awesomeking: 11:16am On Dec 19, 2020
i came across this online, can anyone give more insight on this please.

"Following a directive from the Central Bank of Nigeria, as of 8 December, 2020, money transfers to Nigeria will only be paid out in USD. While you can continue to send for a cash pickup, bank account and mobile wallet services are temporarily suspended."

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Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by bigtt76(f): 11:51am On Dec 19, 2020
It means your beneficiary can receive the dollar you transferred to them from any of the WU partner banks and go ahead to convert to Naira where ever they so wish. No more conversion into Naira at the partner bank

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Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by obiekunie2: 12:25pm On Dec 19, 2020
bigtt76:
It means your beneficiary can receive the dollar you transferred to them from any of the WU partner banks and go ahead to convert to Naira where ever they so wish. No more conversion into Naira at the partner bank

sorry sir, this explanation doesnt tarry.

it says - mobile services and bank accounts are temporary suspended.

if these avenues are suspended, how do you receive the fund??

how do you now send for cash pickup??



this country is ssoooo confusing and complicated!


PLS CAN SOMEBODY SHED MORE LIGHT ON THESE?

TIME TO GO GHANA, NIGER OR COTONOU AND OPEN AN ACCOUNT.


edit:

pls can you people just STOP! quoting me!

na question i ask for matter wey no clear for my eyes no be insult i insult!

anybody that owns a lot of forex will understand the fact that any government policy that have to do with forex will always pick your interest cause this our government no get insurance for anything concerning Forex!

I FULLY UNDERSTAND THE TOPIC SINCE THE THIRD POST! SO MAKE UNA LEAVE ME HAND ABEG!

OVER SABI WEY FULL NAIRALAND!

32 Likes 2 Shares

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by EarlyCareer: 12:58pm On Dec 19, 2020
English is hard sha...

Bigtt76 has explained already.

- All money sent in dollars will be received in dollars.

- Receivers have to go to the bank to pick up the money which will be paid in dollars to them.

- Money sent will no longer be paid directly into receiver's bank account or wallet. This is temporary.

- this means that once dollars is picked up, you can now change to naira as you wish.

230 Likes 14 Shares

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Atk1nson(m): 1:41pm On Dec 19, 2020
so what happens to the like of worldremit that directly credit a/c in naira?

, pls fp, we need more light on this

2 Likes 3 Shares

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by bigtt76(f): 1:59pm On Dec 19, 2020
Toh what can one do again cheesy




EarlyCareer:
English is hard sha...

Bigtt76 has explained already.

- All money sent in dollars will be received in dollars.

- Receivers have to go to the bank to pick up the money which will be paid in dollars to them.

- Money sent will no longer be paid directly into receiver's bank account or wallet. This is temporary.

- this means that once dollars is picked up, you can now change to naira as you wish.

13 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by bigtt76(f): 2:03pm On Dec 19, 2020
All the international money transfer operators of which Worldremit one, are mandated by CBN to pay in dollars.

If you want to transfer the oney to the beneficiay's bank account, it has to be a domiciliary account in the currency you are sending. No more automatic conversion into Naira at a pre-determined rate

When the beneficiary withdraws from domiciliary account, s/he can just walk up to a money changer and get dollar to naira at N475 or higher instead of N390 official CBN's rate the banks offers




Atk1nson:
so what happens to the like of worldremit that directly credit a/c in naira?

lalasticlala, pls fp, we need more light on this

48 Likes 2 Shares

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Atk1nson(m): 2:30pm On Dec 19, 2020
bigtt76:
All the international money transfer operators of which Worldremit one, are mandated by CBN to pay in dollars.

If you want to transfer the oney to the beneficiay's bank account, it has to be a domiciliary account in the currency you are sending. No more automatic conversion into Naira at a pre-determined rate

When the beneficiary withdraws from domiciliary account, s/he can just walk up to a money changer and get dollar to naira at N475 or higher instead of N390 official CBN's rate the banks offers





I think its a good step at bridging dollar scarcity, people can get black market returns on dollars sent, encouraging repatriation.

39 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by bigtt76(f): 3:08pm On Dec 19, 2020
Exactly but a bad policy.

1. It's recognizing the black market and legit helping to channel forex there.

2. The black market would get saturated at a point in time because no business man or woman would go there to source forex for business and the black marketers would not sell to the banks at the CBN rate

3. Naira in circulation would be mopped up at a point in time resulting in the dollarization of the economy (no one would want tk be paid in naira)

4. At the end of the day, beneficiaries would have no option but to exchange with the banks or hoard in their domiciliary accounts.




Atk1nson:


I think its a good step at bridging dollar scarcity, people can get black market returns on dollars sent, encouraging repatriation.

27 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Katlyst(m): 3:18pm On Dec 19, 2020
obiekunie2:


sorry sir, this explanation doesnt tarry.

it says - mobile services and bank accounts are temporary suspended.

if these avenues are suspended, how do you receive the fund??

how do you now send for cash pickup??



this country is ssoooo confusing and complicated!


PLS CAN SOMEBODY SHED MORE LIGHT ON THESE?

TIME TO GO GHANA, NIGER OR COTONOU AND OPEN AN ACCOUNT.


Worldremit is going through.
A friend tried the online payment to domiciliary account and it worked.
The cash pickup is enabled too.
Only few banks are in operation (gtb, access, zenith, uba etc)

5 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Katlyst(m): 3:23pm On Dec 19, 2020
Atk1nson:
so what happens to the like of worldremit that directly credit a/c in naira?

lalasticlala, pls fp, we need more light on this


Worldremit has complied but azimo is stubborn.
A friend tried the online payment to domiciliary account and it worked.
The cash pickup is enabled too.
Only few banks are in operation (gtb, access, zenith, uba etc)

4 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by olorunyomi13773: 3:26pm On Dec 19, 2020
:I think its a good step at bridging dollar scarcity, people can get black market returns on dollars sent, encouraging repatriation.

7 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Katlyst(m): 3:27pm On Dec 19, 2020
bigtt76:
Exactly but a bad policy.

1. It's recognizing the black market and legit helping to channel forex there.

2. The black market would get saturated at a point in time because no business man or woman would go there to source forex for business and the black marketers would not sell to the banks at the CBN rate

3. Naira in circulation would be mopped up at a point in time resulting in the dollarization of the economy (no one would want tk be paid in naira)

4. At the end of the day, beneficiaries would have no option but to exchange with the banks or hoard in their domiciliary accounts.



This is my concern.

2 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by ODJ124(m): 4:04pm On Dec 19, 2020
Naija matter tire me...



*Sometimes I shake my head just to make sure my brain is still there...Coz anything fit happen for Nigeria* grin grin



Thread seen..

21 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by BigBrother9ja: 4:04pm On Dec 19, 2020
sad sad

All i just want is for this thieves and idiots to make forex available.

Banks should increase forex transactions on atm cards. It is ridicoulous to restrict people to spendinf 100 dollars a month. How will importers and sme cope?

And again, having a dollar account that one can not easily fund is crazy and annoying. MOST BANKS USE THIS THINGS TO DO RUNS, STEAL AND LAUNDER MONEY.

5 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by ATEAMS: 4:04pm On Dec 19, 2020
Omoh men....


1$ will probably be N200 next to soon

13 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Frustrated007: 4:05pm On Dec 19, 2020
guys please is ngcard a scam site? I saw their advert on nairaland.
Has anyone here traded with them ?
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Kentuforchrist(m): 4:06pm On Dec 19, 2020
Kai
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Enudapan: 4:06pm On Dec 19, 2020
Nah eh! No qualms
This is so sophisticated
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by jojofola: 4:06pm On Dec 19, 2020
Nawa.

Every policy from this Cabal Government is Anti People.
So worldremit and co can no longer ease our stress?

By 2023, we will have a thousand Madueke cases.

3 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by blinking001(m): 4:06pm On Dec 19, 2020
Noted

1 Like 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by jamalnation(m): 4:06pm On Dec 19, 2020
How abt other currencies
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by ImmaculateJOE(m): 4:06pm On Dec 19, 2020
Wahala for us wey never receive money from abload..

The thing wey those commenters dey yern up there dey do me like magic..

29 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Dottore: 4:07pm On Dec 19, 2020
Trial and error economics

1 Like

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by surrogatesng: 4:07pm On Dec 19, 2020
Atk1nson:
so what happens to the like of worldremit that directly credit a/c in naira?

, pls fp, we need more light on this
Worldremit no longer pays into account.You will pick up the money at the bank in foreign currency

2 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by BrickDevo: 4:07pm On Dec 19, 2020
Ghi
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by TalkTalkTwins(m): 4:07pm On Dec 19, 2020
sad sad
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by bestman09(m): 4:07pm On Dec 19, 2020
Good policy. No more banks ripping us up with official rate while they sell to the parallel market operators and make huge profits.




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7 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by MVLOX(m): 4:07pm On Dec 19, 2020
A
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by FuckThaMod: 4:07pm On Dec 19, 2020
So is this good or bad news? embarassed

2 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Donsheddyguru: 4:08pm On Dec 19, 2020
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