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Nairaland Forum / Nairaland / General / Business / 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele (18527 Views)
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90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by FreeStuffsNG: 10:20pm On Jan 18 |
90% 2023 diaspora remittances didn’t get to Nigeria — Oyedele Findings have shown that about $18 billion representing 90 percent of the estimated $20 billion Nigeria’s diaspora remittances in 2023 did not end up in the country, Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, has said.https://www.vanguardngr.com/2024/01/90-2023-diaspora-remittances-didnt-get-to-nigeria-oyedele/#google_vignette 3 Likes 2 Shares
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Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by FreeStuffsNG: 10:20pm On Jan 18 |
"We have spoken to loads of Nigerians almost everywhere, in the US, UK, etc. They told us how they send remittance. They use Apps, and we have tried some of those Apps, they use parallel market rates. So, you take $1,000 in New York, and tap on your phone that you are sending $1,000 to someone, a Fintech, they pay the Naira equivalent in Nigeria without bringing the dollars, unless of course if the source of the money is illicit.” If the forex doesn't land in Nigeria then it's wrong of World Bank to classify such funds as diaspora remittances. To qualify as diaspora remittances then the fund must leave the foreign country and land in our own financial system. What predominates does not quantify as remittance because the foreign currencies remain in the overseas account of the operators of those apps who mostly open and operate their bank accounts from illicit funds havens like the British Virgin Islands, Bahamas, Ireland, Mauritius etc. So while you send $1000 from US, you get paid in naira here but your $1000 lands in a bank account in British Virgin Islands! That's not a diaspora remittance in Nigeria! Those app platforms are the real wall blocking the remaining 90% of the total diaspora funds from getting into our banking system. If our financial regulatory control laws don't reach those fintechs, our tax laws should. FG must go after them and their collaborators here in Nigeria. May God bless Nigeria for ever! Check my signature for free stuffs! 87 Likes 10 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by saddler: 10:44pm On Jan 18 |
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Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Brendaniel: 10:45pm On Jan 18 |
FreeStuffsNG: Oga you should blame the central bank and the Nigerian banks for that. Do you know the CBN policies that are affecting remittance in Nigeria? Do you know Paypal and some other international payment platforms are not working to remit in Nigeria because of CBN not that they don't want to, I spoke with PayPal and they told me, then you have the issue of Nigerian banks not making every Nigerian account receive dollar easily, except with domiciliary account that they take charges anyhow.... I was trading BTC from Finland and I knew how hard it was sometimes to bring the money back to Nigeria, you keep looking for channels to bring the money into Nigeria. The Nigerians in diaspora you are blaming, most don't have a choice, those are the available cheapest channels to them, I am speaking from experience, The CBN and our Nigerian banks are not really helping matters... 133 Likes 14 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Nwaokunkpara: 10:45pm On Jan 18 |
Na statistics we go chop? 43 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Emeskhalifa(m): 10:45pm On Jan 18 |
So where did it get to? Mali abi Chad? 4 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by GboyegaD(m): 10:46pm On Jan 18 |
I agree due to the way most people do remittance however, I feel 80% might be an exaggerated figure. 3 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by lilfresh96(m): 10:46pm On Jan 18 |
H |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by RingRoadCartel(m): 10:46pm On Jan 18 |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Golan007: 10:47pm On Jan 18 |
I didn't realise that. That's not right at all. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ogbonti: 10:49pm On Jan 18 |
this useless government thrives on propaganda and rumors- who are “some of the Nigerians” they spoke to ? dem no get name ? government of “dem say dem say” tufiakwa 😏 20 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Inspirer1: 10:49pm On Jan 18 |
FreeStuffsNG:You're right. However, don't you think since people can't access the foreign currency at the cbn rate to make payment or other forms of transactions except they purchase via parallel market, such people will definitely want to sell or remit through those apps that will give them parallel market rate too when converting to naira. E.g If I need 1000 dollars to purchase some of my goods, and I got it via black market rate of 1200 naira per dollar (making 1.2 million naira needed), if I make profit of 100 dollar on my goods, would you prefer I remit my profit and capital (1100 dollars) through the bank? That will be 1,078,000 naira (at say 980 naira official rate) which is not up to the amount I used in buying the 1000 dollars capital I used to purchase my goods. The best thing is for government, through relevant authorities to establish a platform through which genuine payments can be done at official rate, this will help a lot. Can you imagine that as official as payment of uk visa and ihs fees are, there is no official platform to pay using cbn rate unless you pay by buying from black market? Just imagine the volume of black market transactions during recent japa periods in the past 2 or 3 years. You open a dorm account in the bank, but you have to go and buy dollar/pounds from Aboki outside the bank to fund the official dorm account. Ordinary to pay for courses worth 5, 10, 20 dollars on educational platforms, one will have to buy from Aboki. Let government do their findings, what and what do people need any of the foreign currency for, include it on the tradesystem portal where we have the form A and other forms. Make it impossible to pay for anything except through that tradesystem portal. 57 Likes 6 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by mcbreeze: 10:49pm On Jan 18 |
The explanation is reasonable but the difference between the parallel market and official are too wide. I can't go through the bank to sell dollar when I can get it at higher amount with Fintech app. 28 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Cmeo(m): 10:50pm On Jan 18 |
Thank you Oyedele. These fundamental facts are what will drive us to a better management of our economy not just vague figures. This is qualitative analysis not just quantitative analysis that those neocolonialsts are giving us. 5 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by signature2012(m): 10:51pm On Jan 18 |
Ok |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by mrrandomguy: 10:51pm On Jan 18 |
He is absolutely correct. For those who don't understand, the dollars don't reach Nigeria. What the money transfer companies do is to credit the receiver with the naira equivalent. The actual dollars is then diverted away from the official market. This is why the CBN through the official market can never meet Nigeria's dollar obligations because of the low inflow of dollars. People like the olodo called Bismarck Rewane are agents of the world bank and IMF. They have been pushing for removal of subsidy and exchange rate liberalisation for a long time despite knowing that the official rate can never be the same as the parallel rate. These people have made billions of Naira from the systematic devaluation of the naira. 24 Likes 4 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Slippy: 10:51pm On Jan 18 |
They get to Nigeria alright but they are mostly sold on the black market. Who wants to sell for official rate when they can make more on the black market. Nigeria truly cannot get the full benefit of remittances if the trend continues. 8 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by shadrach77: 10:52pm On Jan 18 |
This is a big lie! If I send money to someone back home and the person gets it, how can you say the money didn't reach Nigeria when it landed in the person's aza? ![]() 5 Likes 2 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by FireUpNow(m): 10:52pm On Jan 18 |
Snake don dey swallow dollars now abi?😂
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Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ClearFlair: 10:54pm On Jan 18 |
FreeStuffsNG: This makes more sense 12 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by LegendHero(m): 10:54pm On Jan 18 |
shadrach77: Did you for the $$? You’re getting the naira right. In the normal sense, it reaches Nigeria because you can go to the bank to get the Naira but the $$ itself being sent is just being collected by the fintech there and they are paying you with their naira reserve. What I now don’t understand from this Mr Taiwo is that this has been the norm for decade, so at what point did they know almost 80% of it is not reaching Naija? 24 Likes 3 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Kingray10: 10:55pm On Jan 18 |
So bc it didn't drop in hard currency now means it's not diaspora remittance ![]() 4 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Jamie248: 10:55pm On Jan 18 |
The sensible thing is for these fools to set up their own app and capture the forex from source too but they are mentally lazy, all they will do is blow grammar, rob the treasury and whine Brain-dead mongoloids 23 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by onegig(m): 10:58pm On Jan 18 |
Now government is thinking. Took them too long. There's multiple issues to tackle here. How do these companies source FX, post fx and model of determining rates. Lemfi, Passepeer , AfriXchange and all other fintechs use USDTNGN or some arbitrary rates to change. The processes of how those rates were determined is opaque and sometimes ridiculous. T The money does not get into the official system. Most money exchange in the world use a variation of small margins and charge you a transaction fee or percentage of the total fee as transaction charges. I am all for fintech developments but we should do such within the law. Where in the world does an app determine an exchange rate they would use arbitrarily? And the CBN was watching them. Also why are we allowing "Microfinance banks" to offer exchange services? Wise.com which is one of the largest exchange business in the world charges a % and not some arbitrary fees. We have to understand how we are an import dependent country and should be working on protecting vested interest from causing running inflation against 200M people. And don't get me started on Cryptocurrency and whatnot. We saw how USDTNGN jumped from 1200 to 850 in a matter of days. Not a single fundamentals or technicals dictated the price points. Just people manipulating such rates and we(Government)allow such to dictate our economy and lives. 13 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by safariman(m): 10:58pm On Jan 18 |
Very misleading headline. The money does get into Nigeria, but he is saying the actual dollar currency is not in Nigeria. So someone or people behind the app have so much Naira that they are able to pay the equivalent exchange rate. 11 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by DemonSlayer: 10:58pm On Jan 18 |
I don't understand this, please can someone help me break this down further? If a transaction is made, say a transfer from a US fintech app to Nigeria, how can its naira equivalent surface in a Nigerian account while 90% of it doesn't get here? The maths isn't mathing at all. 4 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Ekpekus(m): 11:00pm On Jan 18 |
Kingray10:Exactly.. wondering what remittance meant... Again not all diaspora remittance comes in dollar, so why are they so keen on dollar? 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by InvertedHammer: 11:01pm On Jan 18 |
/ Funny! Do they think US dollars papers will be used to make peppersoup? The essence of the remittance is for economic support. If a buyer spends N500k to buy a box in Nigeria, does it matter if it in dollars or naira? Money is circulating in the system. That’s all. The minister is ignorant. / 8 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by MRSALT: 11:01pm On Jan 18 |
FreeStuffsNG:That's not true. Ask yourself where Fintech will get the naira to pay the recipient in Nigeria? They buy naira with dollars of course. The only issue is that they buy through the parallel markets instead of the Central Bank. Last year, an Indian company in Nigeria asked me to pay some dollars in their international account, while they deposit the naira equivalent in my account. If the deal was done, it would help to take the pressure off the demand for dollars and straighten the local currency. 6 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by TheBillyonaire: 11:02pm On Jan 18 |
Are they silly not to know the funds are channeled to china to help with importation given the fact that Nigeria has criminalized every incoming wires from abroad? Each time there is incoming foreign remittances, the banks will treat one like a criminal with silly questions and calling senders to confirm sending money and purpose and all levels of bullshit. The fact that you are politicians and bankers does not mean you must police everyone's business and the fact that we share same country does not mean that most business men are your class. We educate ourselves in optimum knowledge above Universities of Nigeria can know and break limits of our ancestors, yet some thugs who rob for votes make laws that stifle Nigeria. Nigeria is bigger than politicians and banksters. We are the engine, yet you criminalize and stifle our access to funding? You will learn. Cos business men control the money market. So money has to be sent elsewhere while you suffer scarcity of hard currencies. It is wrong to shame citizens and investigate everyone who feeds 3 times a day and drive clean new cars without also investigating source of poverty. Unless Nigeria Leadership begs Nigerians stop criminalizing inflows, Nigerians will continue to operate like criminals to avoid una problems. 9 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Ekpekus(m): 11:03pm On Jan 18 |
Jamie248:Even of dem arrange their own app, na the rate and reliability go drive the market. Make dem come say money die for aza, and you go start to dey write email upandan. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by AnthonyAk(m): 11:04pm On Jan 18 |
Never had any issues sending money to my self |
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