Today we heard the CBN had started a new policy where it would pay a bounty of 5 naira for every dollar remitted from the diaspora ...Some people applauded the policy hoping it would increase Diasporan remittance to back low inflow from poor oil sales but some of us with experience in Nigeria matters are adamant this is another policy that will turn into a corruption bazaar, festival or galore like happened during oil subsidy regimes and forex round tripping ...I warned that this policy will be hijacked by corrupt people in places of authority and be turned into another round tripping harvest bazaar but some zombies said it wasn't possible ... We have not even gone into 24 hours of the news and the corruption has already started with some Nigerian banks already offering their customers 2 naira for a dollar instead of 5 Naira thereby making a whooping corrupt 3 naira per dollar remitted...se below the nonsense a certain banks has been sending to it's customers all day abeg

No country develops a strong economy with a vicious mercenary banking system. The main problem we have in this country as it regards rapid industrialization is the banking sector! Soludo tried with his consolidation efforts but ultimately failed because the cabals are not interested in saving the country but are more interested in saving their pockets. You need big banks manned by very serious minds to build a roburst economy. But here, since 1970, we have concessioned off the banks to some well connected families and all they do is to lend to family and friends and then find every dubious means within the system to cheat the country!

Those in power know this, we know this, but nobody wants to make the radical efforts needed to save the Nigerian banking set up because, such changes will either effect friends, business partners or favoured ethnic groups.. We don't really need more than 3 to 5 banks in this country! That's just the fact. At this stage, what the country needs are well capitalized banks functioning effectively within well laid down rules. Banks that can fund mega projects, without totally depending on foreigners.. All Asian tigers tarted of with banks attached to home grown conglomerates. But here, it's a cabal business with banks set up to siphon foreign exchange for the very corrupt few..

Teuekwk

Gandollar will explain better

At the current average of 24 billion dollars remittance annually banks can make over 70 billion naira easily at 3naira per dollar remitted

GamalNasser:
At the current average of 24 billion dollars remittance annually banks can make over 70 billion naira easily at 3naira per dollar remitted

Your calculations is zero

thebosstrevor1:


Your calculations is zero

3 naira for a dollar

We have an average of 24 billion dollars remittance at stake

That means for every dollar banks will make 3 naira

24 billion dollars x3 = 72 billion naira to be made .

Counter my maths or shut up

GamalNasser:



3 naira for a dollar

We have an average of 24 billion dollars remittance at stake

That means for every dollar banks will make 3 naira

24 billion dollars x3 = 72 billion naira to be made .

Counter my maths or shut up

Na ewudu full your brain.

Didn't you see that gtb rate is 5 naira per dollar.

And also because uba rate is 2 naira does not mean every bank rate is 2 naira per dollar.

thebosstrevor1:


Na ewudu full your brain.

Didn't you see that gtb rate is 5 naira per dollar.

And also because uba wrote 2 naira does not mean every bank rate is 2 naira per dollar.

I made it clear that if every bank decided to skim 3 naira off the top and that was my premise ..

Don't go numbers with me , it's my forte

I got the mail from uba .. it says 5 naira not 2 naira

GamalNasser:


I made it clear that if every bank decided to skim 3 naira off the top and that was my premise ..

Don't go numbers with me , it's my forte

Yeah, na only you know numbers

No bank is skimming 3 naira except uba.

GamalNasser:



3 naira for a dollar

We have an average of 24 billion dollars remittance at stake

That means for every dollar banks will make 3 naira

24 billion dollars x3 = 72 billion naira to be made .

Counter my maths or shut up

The promo is just for 2 months. March 8th to May 8th

JubrinElSudan:
The promo is just for 2 months. March 8th to May 8th

Ohh I just saw that

thebosstrevor1:


Yeah, na only you know numbers

No bank is skimming 3 naira except uba.

Where did you get this false information about UBA?

The CBN should rethink this policy and instead look to other incentives. One of such is to offer to offset remittance charges that remittees pay. This is to liaise with remittance agencies to offset remittance charges from the diaspora remittee. The N5 for dollar policy smells of fraud.
Rather than give N5/$, CBN should work with WU, Money Gram, and others to offset remittance fee in Naira.
The current policy reeks of corruption. Lets say I remit $1m, then gets N5m. Then use my proxy to send money back to oversea, then repeat the process, get another N5m and repeat this 3ice within the 2 months window and make N15m.
Just imaging that someone does this with $100m stolen from govt coffers? He or she makes a whopping N1.50b in 2 months. What value have this added to the economy?
This is a fraudulent opportunity for some govt officials and bank executives to defraud Nigerians. As the CBN memo indicates, there is NOTHING preventing round tripping.

CBN should withdraw this polcy and think it through. I suspect someone or some pple are already thinking of remitting millions to make huge naira haul.
My takes!

People think Emiefele is from the South, look at him very well and you will see that he is complete Abo-ki man

Wailers always wail on everything

Amitez:
The CBN should rethink this policy and instead look to other incentives. One of such is to offer to offset remittance charges that remittees pay. This is to liaise with remittance agencies to offset remittance charges from the diaspora remittee. The N5 for dollar policy smells of fraud.
Rather than give N5/$, CBN should work with WU, Money Gram, and others to offset remittance fee in Naira.
The current policy reeks of corruption. Lets say I remit $1m, then gets N5m. Then use my proxy to send money back to oversea, then repeat the process, get another N5m and repeat this 3ice within the 2 months window and make N15m.
Just imaging that someone does this with $100m stolen from govt coffers? He or she makes a whopping N1.50b in 2 months. What value have this added to the economy?
This is a fraudulent opportunity for some govt officials and bank executives to defraud Nigerians. As the CBN memo indicates, there is NOTHING preventing round tripping.

CBN should withdraw this polcy and think it through. I suspect someone or some pple are already thinking of remitting millions to make huge naira haul.
My takes!

God bless U ..I love people with sound mind like yours ... offsetting remittance Charges like you said would have been a better option

The question should be, where is cbn sourcing the extra naira from...are they going to print more naira for that Hope no be inflation and devaluation cbn dey bring so??