ODJ124:
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..

surrogatesng:

Worldremit no longer pays into account.You will pick up the money at the bank in foreign currency

Dottore:
Trial and error economics

FuckThaMod:
So is this good or bad news?

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.

Frustrated007:
guys please is ngcard a scam site? I saw their advert on nairaland.
Has anyone here traded with them ?

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.

thanks bro..the site looks suspicious even
Readers beware!

madridguy:
Trading with them at your own risk. Nairaland can advertise for anyone.

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.

Miyachi:

I beg to differ with you points.

lastempero:


As it stands cbn can't do otherwise, they are crippled. This is their only escape route.

Atlas9:


Not at all. They formulate forex policy based on their ability to manipulate the system. This government is round tripping and cashing out big time. They have used the last five years to accumulate huge reserves of dollars and I think they hope to continue until it's time for the next election.
They are hell bent on wrecking the national economy as well as that of those people they don't mind to see starve to death.

YoungB1a:
Pls did this affect PayPal because I'm finding it difficult to cashout cc Katlyst

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.

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)

bigtt76:
Toh what can one do again

onatisi:
exactly , they are now trying to push the responsibility of fx on the banks , where will then banks get dollars to be paying everyone if cbn doesnt sell enough to them ?
next year will be really tough for Nigerians living inside Nigeria .

Awesomeking:
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."

Akainzo:


Except that persons receiving USD would also need to buy things, pay for stuff and generally continue living which is what majority of diaspora remittances are for.

So when the son sends money to the Mum, the Mum cannot afford to keep it under the bed or in a dom accounts as she has to live, buy food, pay rent, transport and pay for medicals. At that point, there would also be more USD looking for avenues to be changed to Naira.

Hopefully, that will drive the exchange rate down. Do not also forget that at this yuletide period, as more diasporas come home, they'd also need to change the USD to Naira to pay for hotels. And if hotels will have lower rates than BDC/Black Market too.

Atk1nson:


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

Uniquisite:
THE BIG QUESTION IS HOW DO REGULAR BANK ACCOUNT USER GET PAID?

CAN USD BE SENT TO A NORMAL BANK ACCOUNT IN NIGERIA?

ImmaculateJOE:
Wahala for us wey never receive money from abload..

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