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Central Bank Of Nigeria New Directive On Money Transferred To Nigeria - Business (2) - Nairaland

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Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by rusher14: 4:08pm 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.

What do you mean it doesn't tarry?
Someone has told you exactly what it means but you must argue.

4 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by kingemaker(m): 4:08pm On Dec 19, 2020
Atk1nson:


I think its a good step at bridging dollar scarcity, people can get black market returns on dollars sent, encouraging repatriation.
The only problem I see here is the inability of DMBs to cater for the FX withdrawal demands. I hope they have a plan to address this as well.

2 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by leisuretym: 4:08pm On Dec 19, 2020
There is nothing good like free economy, the dull policy makers in central bank stopped this years ago..

Instead of the recievers to receive their dollars and just keep it on dollars for next business , the end up receiving in Naira and trying to buy same expensive dollars again, something they should have just received , and it has affected business and cause inflation.
Its a bad policy for a country that depend on importation

12 Likes 2 Shares

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Firstorderwizard(m): 4:08pm On Dec 19, 2020
Bitcoin any day any time

5 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Elsueno: 4:08pm 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.





lol, I buy dollars, bring yours too....cash only
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by rusher14: 4:09pm 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 is following the same directive.

Money would be converted to dollars when you send and only dollars would be paid out to the recipient.
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 2cribz: 4:11pm On Dec 19, 2020
Time to mark your dollar with ink,make aboki no do u swap with cloned/fake dollar notes. Sabo things

7 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 4:11pm On Dec 19, 2020
So if you want to receive payment now, you need a domiciliary account, otherwise, you can only use cash pickup
But some banks can accept payment in USD without owning a domi account

4 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nodogragra4me(m): 4:12pm 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.

Something that us black and white doesn't tarry .

Go and read the article again but more slowly

2 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by northvietnam(m): 4:14pm On Dec 19, 2020
ATEAMS:
Omoh men....


1$ will probably be N200 next to soon

Yeah cuz dollar will be readily available any where and anyhow ... but it’s good . Another foolish president will still come with another policy that will make dollar high ..

If dollar is low , things will be very cheap in the market , I mean very very cheap cars inclusive

9 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by imagrg(m): 4:17pm On Dec 19, 2020
Wetin person wan take Naira do sef?

Aboki trade go boom now.
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by talk2hb1(m): 4:17pm On Dec 19, 2020
Tooh
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by YoungB1a(m): 4:18pm On Dec 19, 2020
I don't understand,what now happen with people like us who use paypal
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Healthquest: 4:19pm On Dec 19, 2020
ATEAMS:
Omoh men....


1$ will probably be N200 next to soon
am not seeing it ooo, since we r not producing and not printing dollars, to flood d market go hard cos banks at some point will will not have enuf dollar to share around if dos big wigs hoard am.
Lets see but I expect ds tin to have called at parralell market to 380 by now since d news but here we are
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by TransAtlanticEx(m): 4:19pm On Dec 19, 2020
northvietnam:


Yeah cuz dollar will be readily available any where and anyhow ... but it’s good . Another foolish president will still come with another policy that will make dollar high ..

If dollar is low , things will be very cheap in the market , I mean very very cheap cars inclusive
You are very daft,if dollars becomes that cheap,it will encourage dumping which in turn will cause lots industries and services oriented businesses to close shop and you would be jobless.
So where would you see the money to buy the so called cheap car when you are jobless? undecided
Dull people everywhere,I really hate and would annihilate stupid people if given the power.

4 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 4:19pm 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.





I hope you know what you writing down.

The black market is legal and legitimate, they are registered with cbn, they are called bdc.

People source dollars from the black mark aka bdc.

No 3 and no 4 points are likely to happen but then again, the cbn gave a memo in 2015 concerning dollarisation, it illegal to sell things in dolllars

6 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Kayharry(m): 4:20pm On Dec 19, 2020
They have been doing it since last month . I was told to contact my sender to change it from naira to USD . worldremit

3 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 4:22pm On Dec 19, 2020
Katlyst:



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)

Azimo is illegal in Nigeria, they are banned

4 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by onatisi(m): 4:22pm On Dec 19, 2020
it wont , infact it will compound the problem , very soon when the problem starts , cbn will again change the policy , they have done it before and it didn't work . the problem of our exchange has got nothing much to do with the banks , the problem has mainly to do with our foreign earnings which has dipped drastically . and that is what is causing fx scarcity . except wu , money gram and co will be flying in their dollars in from america or wherever i dont see how they will have enough dollars to be giving to the people . it will get to a point , they will be telling customers , no dollars come back tomorrow , and ppl will be forced to collect naira .
this is just my own opinion though
Atk1nson:


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

10 Likes

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Olatara(f): 4:24pm On Dec 19, 2020
surrogatesng:

Worldremit no longer pays into account.You will pick up the money at the bank in foreign currency
Azimo is still pay.
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Jaqenhghar: 4:24pm 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.




Sounds like another Zimbabwe loading undecided
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Jaqenhghar: 4:25pm On Dec 19, 2020
FuckThaMod:
So is this good or bad news? embarassed
Is there ever good news in Nigeria?
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Edyice: 4:25pm On Dec 19, 2020
Central bank trying to favour aboki .....
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by drey076(m): 4:25pm On Dec 19, 2020
FuckThaMod:
So is this good or bad news? embarassed
this is good because value of dollar will further crash in the parallel market.
more people will patronise bureau de change when they receive their US dollar rather than banks buying it at a ridiculous rate

6 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Aforxzy(f): 4:28pm On Dec 19, 2020
But some banks are still paying in naira. First bank paid only in 100s last week while the balance was paid in naira at the banks exchange rate.
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by emmy512(m): 4:28pm On Dec 19, 2020
Can someone please let me know if this affects payooner?

1 Like 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 4:28pm On Dec 19, 2020
Sunmoluvic:
So if you want to receive payment now, you need a domiciliary account, otherwise, you can only use cash pickup
But some banks can accept payment in USD without owning a domi account
Which of the banks please??
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by YoungB1a(m): 4:30pm On Dec 19, 2020
Pls did this affect PayPal because I'm finding it difficult to cashout cc Katlyst
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Eriokanmi: 4:30pm 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.
you get your money in USD cash and you proceed bdc to sell at 460 naira. What's more sweet than that?

4 Likes 1 Share

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by emmy512(m): 4:30pm On Dec 19, 2020
Does it Affect payooner too?

1 Like

Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by oloshun(m): 4:31pm 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

The same with WorldRemit

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