CBN Imposes New Restriction Limits Foreign Spendings



Dr Peregrino Brimah of says it’s not right. Read his article below…

Dear fellow Nigerian masses,
In response to the spate of governing cabal looting billions of dollars and laundering this via private jets to South Africa and beyond, the Central Bank of Nigeria, CBN, governed by Godwin Emefiele has again decided that we the people must be punished and deprived of all rights to receive and send our hard earned personal little money for the little business and living necessities we manage.

In an unbelievable but expected new move, the CBN sent the below letter to us with the latest restrictions on our financial freedom.
Dear Valued Client,
The Central Bank of Nigeria (CBN) has in its circular dated 17th April, 2015 condemned the rising trend of currency substitution and dollarization of the economy. Deposit Money Banks operating in Nigeria have been advised to desist from the collection of foreign currencies for payment of domestic transactions on behalf of their customers and the use of their customers’ domiciliary accounts for making payments for visible and invisible transactions (fees, charges, licenses e.t.c) originating and consummated in Nigeria.
In compliance with this directive, you will be required to provide supporting documentation for all payments to and from your domiciliary accounts as proof that payments are not in breach of this directive. Please note that this applies to payments to or from entities/individuals within Nigeria.
Foreigners, visitors and tourists to Nigeria are allowed to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorised dealers’ outposts including hotels.
Thank you for banking with Standard Chartered Bank. As always, we remain committed to providing you best-in-class financial solutions.
— END—
As with the other new policy revisions, there was no prior warning. The notice was sent to take effect immediately.
With this new restriction we must explain every penny our family and friends in America wire to us to help them build their houses in Nigeria or to simply save or invest for them in Nigeria; or to pay school fees of their wife and girl friends.
We must explain and defend WITH “PROOF” [supporting documentation] every dollar we wish to send to friends and loved ones abroad or that we receive.
This does not happen anywhere in the world.
We are in prison!
They have forced all our cash into the bank in the cash-less imprisonment system only seen in Nigeria and never seen in any developed nation and now they want to give the banker-cabal the right to pry into our every business and seize our little money at will.
But how about those who carted $15 million in suitcases in private jets to South Africa? How about those wives of governors caught in Bayelsa in 2006 laundering millions? How about the cabal given all types of concessions, intervention funds, with billions of dollars import waivers [N234 billion waivers to PHCN in 2013 only], and never monitored?
We mentioned in our alert just this week [ CBN Governor Mr. Godwin Emefiele Drives Nigerians Like Slaves] that the CBN under Godwin Emefiele had decided with no warning to suddenly decrease to one-third the forex withdrawal limit and forex purchase limit of our naira cards; on a day notice decreased to $300/day and $50,000 per year.
This adds to a list of limitations to the financial freedom of the masses since the era of the former governor, now Emir Sanusi Lamido Sansui that are not seen in any nation around the world. Below listed is part of the growing list from our article criticizing the former governor for the impingements to the masses in defense of the wallets of the banks and cabal:
Customers pay N10-50 per sms alert, even for bank error repeat texts; though bulk sms texts are offered to businesses by mobile networks at N1/sms.
Hardware token for security is issued at N2000 ($12);
Bank statements are charged at about N40/page;


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