CBN stops payment of Western Union and Moneygram in foreign currency

Posted by Felix Okoli on Saturday October 5, 2013 at 19:54:27:

If you've ever received payment in foreign currency at the bank through Western Union or Moneygram, you'd know that there is a greater sense of satisfaction you'd get if the payment was made in foreign currency than in Naira. You'd know that the money sent to you from your contact abroad has actually reached you and without any deductions made to the money sent.

Western Union payments had always been paid in foreign currency such as the US dollars or British Pounds but it seems that the CBN governor wants to make a change to that tradition.

In a bid to save the Naira, Sanusi has ordered all banks involved in making western union and Moneygram payments to only make payments in Local currency rather than in foreign currency.

What this new policy by the CBN means is that for now, payments for Western union will no longer be paid in US dollars or Pounds but rather in Naira. I wonder if people would still like to receive such payments.

There had been reports in the news that the value of the Naira is set to depreciate further as there was a noticeable increase in demand for foreign currency such as the US dollars by politicians in preparation for the 2015 election.

If you ask me, I'd say it seems that the value of the naira against other currencies such as the US dollar may fall further to say 170 or even 180 by the time 2015 sets in. Right now, the price of 1 US dollar to the naira is about N163 in the black market.

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Re: CBN stops payment of Western Union and Moneygram in foreign currency Reply by Me on Sunday October 6, 2013 at 7:7:34:

Hei!! So, Mr Felix what do u think i should do as far as investing in Nigeria?? Do i change my fixed deposit naira money to the foreign currency of where i live before it drops too low or what do you think?I have to act.... and fast too. This is no small money! I really don't know what this country is turning into...




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Re: CBN stops payment of Western Union and Moneygram in foreign currency Reply by Felix OKoli on Sunday October 6, 2013 at 7:7:34:

I just think dollar will rise next year. For me, I'd prefer saving money in US dollars rather than naira, at least until after the elections and inflation.


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Re: CBN stops payment of Western Union and Moneygram in foreign currency Reply by Nurudeen on Sunday October 6, 2013 at 7:18:8:

This development is good there's need to value what belong to us.1 usd for N163 what the hell not to talk of N 170! I look foward to exchanging 1 usd for N1.May God bless Nigeria amen




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Re: CBN stops payment of Western Union and Moneygram in foreign currency Reply by Prosper on Sunday October 6, 2013 at 11:47:44:

If receiving Moneygram in our local currency will make our Naira to appreciate, then am totally in support of this new law. Naira has so depreciated that even Ghana,Dubai etc currencies
have more value than ours;too bad.I further suggest that our money be reduced by removing one zeros in all the currencies. For instance like N10 will become N1, N100 will become N10 and so on. In this case, the use of coins will be encouraged and our Naira will appreciate and have more value than even ponds and dollars.




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