After Malam Sanusi Lamido Sanusi's policy which stopped banks from issuing foreign currencies to people, citing that no other country does that.

I was also expecting him to mandate banks to convert people`s naira to any currency they want when doing international business or sending money overseas based on prevailing exchange rate. Why is it that Nigerian banks only issue BTA to people who are going for studies with a maximum of $4000 or its equivalent? If you want to travel or send money outside the country, banks can't issue you exchange, you still have to go and buy foreign currency through black market which is now being hyped by his cronies. Then where is the base for his policy? Because foreign banks transfer money straight from your account to anywhere in the world apart from Nigeria.

Cited not sited, my bad

Sanusi scored an F9 in this.

Are u minding him, thats how they all go around making life had for the masses

Well no comment

Keneking: Sanusi scored an F9 in this.

Did I hear you say that?!

I was also expecting him to mandate banks to convert people`s naira to any currency they want when doing international business or sending money overseas based on prevailing exchange rate.

I still don't know why this can't be done in Nigeria. Why can't one simply walk into a bank and buy dollars?

I got this on the business section of the forum.When i have load of money i will try it ,

Just in case anyone is still looking for a cost-effective (or should I say cost-free grin) way of transferring money from their GTB account to their US bank account, simply go to any Walmart and purchase a money order in your name using your GTB Naira Mastercard. You can then pay in the money order to your US bank account. You do not incur any charges from GTB (since it is a POS transaction) and the money order only costs $0.70 (70 cents). If you ask me I'd say this is the cheapest and fastest way to transfer funds to the US from Naija. However, maximum you can go on a single money order is $1000 so if you wanted to transfer say $5000, you would have to purchase 5 money orders (total cost will be $3.50). Imagine how much savings you would be making when compared to doing a wire transfer! Plus you get your money instantly!!

If you walk into Nigerian banks to buy foreign currency they will tell you they don't have, but right beside you a Bureau D'change operator is buying. Its just painful.

WTF!

The policy is missing something somewhere. I can confirm foreign currency transaction exchange rates on your naira cards have equally increased. You can check. Watch out buying the money orders!

Seriously?

With all the confusion in the banking industry, I bow for those who still buy shares. . .
These are the worst issues facing the Nigerian banking sector:

1. Bureau de Change service is almost absent in all banks. Where it's present, there's an in-house mallam (a black market dealer).

2. You need a 'domiciliary' account to make & receive international money transfer.
Outside the country, the only thing you need is your regular bank account and you'll be given the swift code.

We really need to review the way things are done in this country. . . Those at the 'top' don't apply common sense. The only expertise they have is making life difficult for the citizens.

Op,
You are absolutely right, the policy is not balanced yet. Let me believe CBN is re-structuring how Nigeians will be able to access foreignt currency.
Nigeria must be better, every inhuman policy shall fail.

souleymon: I got this on the business section of the forum.When i have load of money i will try it ,

Just in case anyone is still looking for a cost-effective (or should I say cost-free grin) way of transferring money from their GTB account to their US bank account, simply go to any Walmart and purchase a money order in your name using your GTB Naira Mastercard. You can then pay in the money order to your US bank account. You do not incur any charges from GTB (since it is a POS transaction) and the money order only costs $0.70 (70 cents). If you ask me I'd say this is the cheapest and fastest way to transfer funds to the US from Naija. However, maximum you can go on a single money order is $1000 so if you wanted to transfer say $5000, you would have to purchase 5 money orders (total cost will be $3.50). Imagine how much savings you would be making when compared to doing a wire transfer! Plus you get your money instantly!!

how is the process? pls enligthen us more.

souleymon: I got this on the business section of the forum.When i have load of money i will try it ,

Just in case anyone is still looking for a cost-effective (or should I say cost-free grin) way of transferring money from their GTB account to their US bank account, simply go to any Walmart and purchase a money order in your name using your GTB Naira Mastercard. You can then pay in the money order to your US bank account. You do not incur any charges from GTB (since it is a POS transaction) and the money order only costs $0.70 (70 cents). If you ask me I'd say this is the cheapest and fastest way to transfer funds to the US from Naija. However, maximum you can go on a single money order is $1000 so if you wanted to transfer say $5000, you would have to purchase 5 money orders (total cost will be $3.50). Imagine how much savings you would be making when compared to doing a wire transfer! Plus you get your money instantly!!

. You will not die young,thank you so much........am heading to Walmart,Nigerians are smart.

what good policy has that man offered us, himself and the so called sitting minister of economy? So why are you surprised at this?

This is serious. Is it not better or easier to use one's credit card to make transactions abroad or online instead of carrying cash? Just asking anyway

Sanusi and his Boko haram economics!

As per going for studies, you can buy Personal Travel Allowance(PTA) $4000 per quarter around N163 per dollar. For school fees you can bid for the total amount of your school fees from CBN through your bank which is currently @ N155.71 per dollar and 1% commision then like N0.50k Bank charges total should be around N158.26 per dollar with proper document like admission letter , school stuffs etc.
Likewise for all proper transactions. check the CBN website.

Keneking: Sanusi scored an F9 in this.

Where has he scored a pass;its been one half thought out idea after the other.Never ever saw any sense in any of his policies,more like radical policies of an is la..mist led govt than economically sensible policies

I don't think d policy stopped banks from making transfers abroad ...all u need 2 ∂☺ is open a domiciliary account with your bank and you can transfer and receive any amount from abroad through your bank

souleymon: I got this on the business section of the forum.When i have load of money i will try it ,

Just in case anyone is still looking for a cost-effective (or should I say cost-free grin) way of transferring money from their GTB account to their US bank account, simply go to any Walmart and purchase a money order in your name using your GTB Naira Mastercard. You can then pay in the money order to your US bank account. You do not incur any charges from GTB (since it is a POS transaction) and the money order only costs $0.70 (70 cents). If you ask me I'd say this is the cheapest and fastest way to transfer funds to the US from Naija. However, maximum you can go on a single money order is $1000 so if you wanted to transfer say $5000, you would have to purchase 5 money orders (total cost will be $3.50). Imagine how much savings you would be making when compared to doing a wire transfer! Plus you get your money instantly!!

Excuse me, what if it is not a personal Account say a company's account you want to make purchases from. Thanks

This is the worst policy I have seen in Nigeria. I had my own share of experience on this issue. I purchased some cars in the USA and had to pay for them I ran out of cash here in the USA and needed to call money from my account in Nigeria which I always do. I was surprised when my account officer told me that he can no longer transfer money to me from my account in First bank which is not a dollar account. It took me two weeks to get the money over here. I had to beg a friend who has a dollar account to make the payment for me. Not just that I ended up transferring the money to my wife who had to change it at the black market before it was paid into my friend account. I lost closed to $1500 on the exchange market and had to risk a huge amount of money on a friend hand. To add salt to injury my car dealer account was flagged and I had to do a lot of verification before the funds was accepted by the car dealers because the payment came from a different name that was not on account including the $50 a day penalty I paid for not paying on time.
My cars were delayed for almost a month just because someone thinks that he can go to bed and come up with unethical policy without proper studies.
I have been to different countries and have seen how the operate. When I was in Asia they do not pay out on foreign currency but you can walk into a bank and make international transfer. The will use in-house exchange to transfer the funds to you without you having to open and operate a dollar account. I called my bank provided the invoice of the car which was on my name and nothing could be done.

stannydon: After Malam Sanusi Lamido Sanusi's policy which stopped banks from issuing foreign currencies to people, citing that no other country does that.

I was also expecting him to mandate banks to convert people`s naira to any currency they want when doing international business or sending money overseas based on prevailing exchange rate. Why is it that Nigerian banks only issue BTA to people who are going for studies with a maximum of $4000 or its equivalent? If you want to travel or send money outside the country, banks can't issue you exchange, you still have to go and buy foreign currency through black market which is now being hyped by his cronies. Then where is the base for his policy? Because foreign banks transfer money straight from your account to anywhere in the world apart from Nigeria.

Bro you can't imagine the frustration.
A few weeks ago i was at Gtbank to wire money internationally to my brother, one would think that the financial institution would take the equivalent of the cash from your Naira account domiciled here in naira, exchange it, add there charges and wire.
But to my greatest surprise I was informed they don't do such, Instead i should withdraw from my saving account, source whatever currency i want to send from bureau de change, then present to them for wiring.
I was manically bewildered as to the origin of such policy, They offered to call one of there close by bureau de change guy to make the transaction easier for me. I was also soon to find out that this is a policy exist in all financial institutions in Nigeria.
Then again today,going by my little experience i decided to change my naira to USD before heading to the bank for an international application.
I was dumbfounded again when the cashier guy told me they don't collect denominations of twenty dollars and below, i had to ask him if they gave out these denominations if i withdrew from my domicilary account and he said yes. Imagine that?
This is currency i have no business handling as a Nigerian in Nigeria.
I am no Economist, accountant or Business administrator, Im not sure who this policy is meant to protect or whose interest its meant to serve but i do assume that it is the duty of financial institutions to provide foreign exchange for international transactions. If the CBN could direct that all foreign transaction be paid in Naira which i find very normal, why then would such person be asked to present a foreign currency for an international transaction..
No British would be asked to present south African (Rand) for an international transaction originating from England to South Africa.

Someone should please enlighten me if i am missing something, i am an engineer so i have no business in banking and finances only when it affects me directly.

I spit on sanusi and this policy. An igbo man or yoruba should be the next cbn governor and either reverse this policy or make it possible for us to buy dollars directly from banks.

lamiobo: I don't think d policy stopped banks from making transfers abroad ...all u need 2 ∂☺ is open a domiciliary account with your bank and you can transfer and receive any amount from abroad through your bank

No. Even after the domicilliary account, you will still be asked to go get the GBP/Dollars yourself. It is very sad my students have complained severally when trying to pay tuitions to institutions abroad.

blink182: I spit on sanusi and this policy. An igbo man or yoruba should be the next cbn governor and either reverse this policy or make it possible for us to buy dollars directly from banks.

^
Bigot! Shame on you.

well' from my point of view, i think Sanusi has just done the right thing, just that their is no policy without a negative effect, haven consider the greater effect of the advantage over the disadvantage and because our currency is more important to us.... permit me to say,this is good policy!!!!!

remzytimer: well' from my point of view, i think Sanusi has just done the right thing, just that their is no policy without a negative effect, haven consider the greater effect of the advantage over the disadvantage and because our currency is more important to us.... permit me to say,this is good policy!!!!!

u must be a local champion to think so..... I can't even explain what I went through when I wanted to transfer money to UK some days back.... those abokis used me to do Christmas cos I had no choice.

souleymon: I got this on the business section of the forum.When i have load of money i will try it ,

Just in case anyone is still looking for a cost-effective (or should I say cost-free grin) way of transferring money from their GTB account to their US bank account, simply go to any Walmart and purchase a money order in your name using your GTB Naira Mastercard. You can then pay in the money order to your US bank account. You do not incur any charges from GTB (since it is a POS transaction) and the money order only costs $0.70 (70 cents). If you ask me I'd say this is the cheapest and fastest way to transfer funds to the US from Naija. However, maximum you can go on a single money order is $1000 so if you wanted to transfer say $5000, you would have to purchase 5 money orders (total cost will be $3.50). Imagine how much savings you would be making when compared to doing a wire transfer! Plus you get your money instantly!!

Thanks for the insight.
At what exchange rate though? They may rip you off through USD:NGN Exchange Rate. Consider the exchange before you make a move.

remzytimer: well' from my point of view, i think Sanusi has just done the right thing, just that their is no policy without a negative effect, haven consider the greater effect of the advantage over the disadvantage and because our currency is more important to us.... permit me to say,this is good policy!!!!!

Please I would love to be enlightened as to the benefits of forcefully making me source for foreign currencies for my international transactions?
Yes international transactions should be paid in our local currency Naira that is something that needs not to be questioned nor contested. Owing to the fact that naira is our legal tender and not other currencies.
But why financial institutions should ask citizens to bring USD or GBP for there foreign transactions still eludes me. A citizen has no business handling any currency that is not a legal tender in his country.