einsteine:


Read it carefully. You won't be forced to change your dollar at 410. You will be allowed to withdraw or transfer your dollars as the case may be

That's if the bank agrees they have dollars right? If they say they don't, what are you going to do? Common man you really believed the banks would pay out in dollars when they are already planning to swindle people off their benefits? I believe you already saw the guy in the thread saying UBA is offering ₦2 whereas the CBN says ₦5 right? They are already planning to steal!

Just months ago, GTB and the other banks said they won't pay out Forex for transfer deposits. Even for cash deposits some branches insisted they didn’t have Forex. It's an already failing policy even before it began

Pesuzok:


You will collect your $2,500 in cash and an extra NGN12,500 CBN promo

Please let us know which bank is paying out up to $2,500 in dollar cash without telling you stories about no dollar available, come tomorrow.

Very useless government. This is what happens when you keep bringing forth useless policies. They have realize that people like me have cease to remit forex.


I stopped remitting my money the moment they stamped the $100 withdrawal limit on foreign transactions. I realized that this government can destroy the country one day with their corruption, nepotism and quota system, and then come around to say Nigerians are only entitled to #100k of their money even when you have #2b in your account while government use the remaining to rejig the economy. The funny part is that the resolution will only apply to the masses while they continue to use theirs to cater for their families.

CodeTemplar:
Rubbish initiative. After maintaining two rates with a wide difference, they want to use N5 of the remitter's money as a bait to corner the dollar.

Simplyleo:

We Nigerians sent CBN.

And it has nothing to do with online country.

Some of you just write rubbish here.

CBN needs new brain. they need to bring in technocrats not this current psuedo professionals.

there are policies you put in place that will reduce the pressure on the dollar.

I don't know who advice the CBN.

let them contact me as a consultant. and I will crash the price of the dollar.

abeg can someone differentiate btw Domiciliary account and this!!!

redsun:


It's counterproductive. It will have a negative impact if end up having hyper inflation in the country because high dollar exchange rate. I think the only people that will benefit immensely from it will be money launderers that have little to lose either way.

The only way forward for the country is to become productive by manage its natural resources shrewdly.

you want to advise people that love extravaganza without recourse to the future.

The bigger problem is that when a southerner comes in and set us 2 steps forward, he would only spend 8 years maximum. After which a northerner will come in again to set up 5 steps backward.



I am tired of this fake federal system of government. Restructure the country and let us deal with our problems locally.

princemartinsG:
If southerners are wise
They will set aside all past bickerings
And for the sake of this time
Put hands together to put him one of our own.
Then create good development plan anyone we put in must work towards

The South has many leaders

But many of southern leaders have been involved in controversies which make southerners see them as corrupt and with characters that make it difficult for southerner people to trust them

The people feel that if these leaders are brought to equity, do they have clean hands

As this perennial problems between the nought and the south continue to reoccur

Southerners must temporarily set aside the past mistakes and errors made by southern leaders and come together to chose the most capable of Southern leaders to be voted for 2023

You even try. Just pray they don't come up with that nonsense policy again and tell you that you can't withdraw more than $100 per month. They will then have a grace of months to use your money to sponsor people on pilgrimage.

12inchess:


Oh I see. Essentially the CBN is trying to attract all our dollars into Nigerian banks. So for someone that has a lot of money stored as dollars already, do you think this scam is enough for me to risk sending my dollars to Nigerian banks. After people have sent all the dollars finish, they will now change the policy and say you can only withdraw the money out as Naira. Just like was done in Venezuela.


Awon olofo

Bampeh:
This will strengthen the naira a bit. The market will be flooded with dollars and people will not be willing to buy dollar for keeping sake.













Bampeh is an economist

Rubbish, theoretical economics, is different from practical application, it will fail as usual, invest in electricity, increase productivity for export is the only way. What a country CBN depending on stipends from Nigerians suffering to make ends meet in the diaspora? Useless Nation

Fg with give and take mentally

alingo2013:
$1=N5
$10=N50
$100=N500
$1000=N5000
$10,000=N50k
$100,000=N500k
$1,000,000,=N5m

Hahahaha see this massive cash out Nigeria want to do

Don't mind them, lazy government. Instead of going out there to attract foreign investors, they are there looking for easy money!

What if the money is deposited directly into my domiciliary account from abroad and not through any of the IMTOs.?

Bampeh:


Bampeh is an economist

Bampeh of all trades

netmillionaires:
You even try. Just pray they don't come up with that nonsense policy again and tell you that you can't withdraw more than $100 per month. They will then have a grace of months to use your money to sponsor people on pilgrimage.

GT bank usually do that $100 per month thing, so annoying. what can that buy per month? SMH

netmillionaires:
Very useless government. This is what happens when you keep bringing forth useless policies. They have realize that people like me have cease to remit forex.


I stopped remitting my money the moment they stamped the $100 withdrawal limit on foreign transactions. I realized that this government can destroy the country one day with their corruption, nepotism and quota system, and then come around to say Nigerians are only entitled to #100k of their money even when you have #2b in your account while government use the remaining to rejig the economy. The funny part is that the resolution will only apply to the masses while they continue to use theirs to cater for their families.

My brother na then me too I stopped trusting this govt ooo. CBN no know say people wey dey work for diaspora dey make dollars don't trust them.

5 Naira kill them there.

It's that 100 dollar limit that opened our eyes. They don't really give a shit about us. Now they want us to be remitting them dollars.

Make them go sell oil naa. Shebi Dangote will soon complete his forex subsidized refinery. Make dem collect the dollars from him.

nedekid:

Kindly explain or enlighten the '' illiterates" on the front page.

It has already been done by some on the second page

This seems like a very poorly thought-out policy, Incentives for inflows should involve improving the ease of doing business and not putting restriction on businesses.

Very typical of a directionless country like Nigeria. CBN keeps churning out series upon series of Financial Engineering hoping to spin a rabbit out of the hat..it won't work if we don't do the basic thing and that is to to increase/ improve our balance of trade. All these thier nonsense policies worked in the past because our balance of trade was still ok due to crude export. Now that crude export is deep in the mud and we have nothing to replace it, all these abracadabra won't work! Government should strengthen agricultural export, as that seems to be our only hope for now.

Pesuzok:


You will collect your $2,500 in cash and an extra NGN12,500 CBN promo

should I risk USD2500 because of NGN12500? That's what we call "bending over a dollar to pick a penny"

[

CooKeed:


You want to receive 1m dollars though western union?

Who is talking about western Union? You think exploitation of these policies is for the moms and pops?

thebosstrevor1:


So you think you can just send money abroad like that without thinking about money laundering laws, home and abroad.

Transaction limit is 10k dollars private and 100k dollars for b2b

Wrong.

You can do any amount. You just have to provide explanations for transfers ABOVE those thresholds. Explanations are of course easy to provide.

StacyO:
They are never straight forward.


The revenue generated by each #5 paid will be channeled into the pocket of each politician of course.



Besides,other countries don't see Nigerians trustworthy enough to do business with.

The rate at which naira dropped,is something that need be considered as well.

This policy can only lead to more loss instead of gain.


Nice idea implemented at a wrong time.





What a country.





MODIFIED:
To those happy with this new development,don't be yet.

------No one will give you free food when he is hungry--------




As it stands now,the country has reached it's elastic limit and it's time to go KABOOM!!

The government needs your prayers at this point cause,no body will tell it to your face.

The covid-19 saga broke the economy further and worst part was that the Nigerian government had no clue what to do.



Fasten your seatbelts. "

Hi, I'm assuming you're back home now? Hope you had a nice time out?

By the way, how is the booking done? Won't mind sharing a table with you over a meal

Nbotee:
For those who do not understand the post, CBN wants to b paying Nigerians 5 naira for every 1 dollar they receive but the 419 behind it all is the useless exchange rates dey dey maintain.. In other words dey want to bribe Nigerians 5 naira for collecting their dollars at their 419 rate

onoms4luv:
so for every 1 dollar, I will be charge 5naira. this country Sha, that emefiele of a person na only to extortion he Sabi?

It’s the EXACT OPPOSITE...
For every dollar, you RECEIVE N5.

The CBN is not “collecting” your dollars. They remain yours and you are free to withdraw it in dollars.
This measure is just to encourage people to use OFFICIAL channels (banks, etc.) to remit money into Nigeria.
>

einsteine:


That's if you are doing small amounts. The charges on a million dollars will not be anywhere close to 5 million Naira which is what the CBN will be giving.

There are some regulations that'll make it really hard to pull off.

Pesuzok:


You will collect your $2,500 in cash and an extra NGN12,500 CBN promo

Thanks boss

CodeTemplar:
Lol. . . they will take the remitted dollar at a lower rate forcefully and make the real beneficiaries of the remittances and forex buyers to buy it at a higher rate. Out of the difference of about N100, they will use N5 to bribe the remitter of the forex.
Why not tax cattle seller like 2.5k per cattke above 100k? They always looking to take from where southerners are active in and send it to other parts of the nation.

The number of likes you got reflect the number uneducated ppl in ur circle...If by now you don't know that you recieve your remittance in US Dollars then you must be leaving in a forest

CodeTemplar:
Rubbish initiative. After maintaining two rates with a wide difference, they want to use N5 of the remitter's money as a bait to corner the dollar.

It is better to shut up when you don't understand a policy