NewStats: 3,262,993 , 8,178,759 topics. Date: Wednesday, 04 June 2025 at 10:34 AM 6h2c3j

Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD s will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank

Why is this government so unfortunate?

Buhari has come again.

Govt of limitation cannot override the mercies of a God of second chance.

One nigeria is the best. Stop complaining, all you useful idiots.

Hope it will include ALL our Polticians including Buhari Jnr?
Lalasticlala.

Nigeria is tending towards communism, where everything about your life is regulated. We cant import cars again. Buhari sa fi aye ni arare lara.

CodeTemplar:
Govt of limitation cannot override the mercies of a God of second chance.

Amen.

Our acclaimed auditor, what is the implication of this policy?

iwaeda:
This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD s will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.

It did not state that it's maximum usd in an .

It says TOTAL CASH DEPOSIT you can make in a month. Some banks long ago pegged it at 5000 cash deposit in a month such as gtb, access, StanChart etc



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank

I think this will stop those that keeping the largest amount of dollars in their for long period of time without using it.

Dollar is about to rise against naira. I need to get my hands on some dollars.

Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know

And what is Buhari's business with how people choose to spend their money?

otosa:
I think this will stop those that keeping the largest amount of dollars in their for long period of time without using it.

Thanksful:
Dollar is about to rise against naira. I need to get my hands on some dollars.

Why do you think so?

Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

zanshi:
Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

Great analysis.... especially from the " an average joe like me didn't care about forex rates growing up"

I too never even cared about Naira - Dollar conversion rates then. These days, I keep just a few thousands of Naira for running expenses and the bulk of savings in foreign currency.

The Naira you keep fallow in your in January would be malnourished by March

zanshi:
Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

They want to weaken and put people in poverty.
Lalasticlala
Mynd44

So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na.

Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know

Whatever gains you make will be taken by p2p dealers when you want to convert it to naira....its just a waste of time keeping your money in USDT

KingOfAllIgbos:


Great analysis.... especially from the " an average joe like me didn't care about forex rates growing up"

I too never even cared about Naira - Dollar conversion rates then. These days, I keep just a few thousands of Naira for running expenses and the bulk of savings in foreign currency.

The Naira you keep fallow in your in January would be malnourished by March

They knew naira is crumbling against foreign currencies, as at this morning, it is #520 to $1. With this new policy, they may start asking you to pick the money in your dom in naira.

Does that also mean i can now transfer 10,000usd in a month...

[quote author=sholatech post=105010255][/quote]

Please explain further.

inderhappy:
Does that also mean i can now transfer 10,000usd in a month...

You should, but honestly I am not sure. I am still waiting for more clarification from my banks.

Bankers in the house, does this affect?

Does this affect cash transfer?

Buhari deserves to die.

MrColdsweat:
Does this affect cash transfer?

Buhari deserves to die.

Only God decide that.

E be things

.

Why is this not on front page yet

.

All these policies have political undertone. Any other explanation is just childish talk. All these is just to reduce the amount of money coming from foreign based Nigerians because of the fear of the unknown by those in power. Smh

iwaeda:

You should, but honestly I am not sure. I am still waiting for more clarification from my banks.

Ok....was told a month a ago that i can only deposit 5000usd and transfer the same in a month tho

olisaEze:
So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na.

No not at all! You're entitled to any inflow into your . However, you're not entitled to if I may break it down "physical cash deposit of above $10k monthly". You can't take the cash to the bank and begin to deposit from God knows where you've stashed it in the past. This is to monitor many who's got it hidden in one safe crib.

Transfer of any amount is acceptable either by instant wire/swift provided there's proof.