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."

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

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!

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.

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

, pls fp, we need more light on this

Toh what can one do again

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.

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

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.

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.

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)

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)

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

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.

Naija matter tire me...



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



Thread seen..

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.

Kai

Nah eh! No qualms
This is so sophisticated

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.

Noted

How abt other currencies

Wahala for us wey never receive money from abload..

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

Trial and error economics

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

Ghi

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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