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Nairaland Forum / Nairaland / General / Business / 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele (18534 Views)
Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN / World ('diaspora') Remittances In The World From 2010 / CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances (2) (3) (4)
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Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by santaclaws: 4:12am On Jan 19 |
FreeStuffsNG: How about not blaming the apps and advising the FG to make diaspora remittances easier for Nigerians? It's only in Nigeria that you need 'domicialiary' account to receive money from abroad. Other parts of the world allow just a regular savings account to receive money. And why do banks hardly sell forex and totally left it to BDC operators? Nigerians cannot even use their cards for online transactions anymore, it's those same apps that allow people pay for things online... Our banking system is what needs reform. Emefiele and his cahoots have reduced Nigerian banking system to rubbish. 3 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Advision: 4:26am On Jan 19 |
LegendHero: I dont think it's been the norm. When the likes of western money and money gram dominated the market, they did the notmal thing. ..but times have changed, difference between the official rate and black market rates have grown, no one wants to be offered official rate when black market rates are better. Also fintech apps are now instant transfer, most of the other ones still long stories. Last bring your money into a dorm account in Nigeria is very frustrating. Many cbn paperwork to move it n cbn policy changes often. Banks are charge huge transaction fees , fG charges taxes. Why would anyone want to use such 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by solex75(m): 4:39am On Jan 19 |
shadrach77:Olodo! 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by EsomahJD: 4:59am On Jan 19 |
October1960:You only named Sendwave, where is the other two rates. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by LastProphet: 5:21am On Jan 19 |
FreeStuffsNG: Not everybody cares or has virgin island accounts, they are talking of the average joe that wants to send $1,000 out of his salary to his family in Nigeria, they get in touch with other Nigerians over there in the US who acts as a currency trader. You send the $$ into their $$ account there in the US and then they use their naija account to credit your naija local account at the black market rate. Until the thief emiefele came along it wasn't attractive to look for those individual currency traders because you could just send your money down through WU and your family goes to the bank in naija to collect it in $$ or naira at a rate close to black market. Upon useless policies emiefele was still stealing the $$ and he's still walking around asking for bail, what a country of clowns 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Brendaniel: 5:40am On Jan 19 |
pacespot: That's one of the major challenges there.... |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ubev01(m): 5:44am On Jan 19 |
LegendHero:So after paying from their naira reserves, how do they replenish their naira reserves without dropping dollar for naira, and it's not like they close shop after selling their naira. Make it make sense 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ChybuzzDD(m): 5:55am On Jan 19 |
FreeStuffsNG: Id!ots, you hastily removed the Naira-for-Dollar incentives Emefiele put on ground to attract more dollars into Nigeria out of your tribal bigotry and still wonder why no one is sending dollars to the country! How senseless can these so-called leaders be?? 3 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ChybuzzDD(m): 6:03am On Jan 19 |
FreeStuffsNG: You guys are not reasonable. There were incentives on ground before your m-m ticket holders came in and hastily removed them out of their ingrained stupidity. Before now, banks were paying our relatives #5 for every dollar they were withdrawing from Nigeria, and people were happy to send dollars directly to Nigeria. Nigeria is now facing the consequences of that reckless decision by your clueless m-m leaders to remove those incentives and policies Emefiele put on ground, while you're here blaming the innocent Apps as is typical of you and your folks. 2 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ChybuzzDD(m): 6:14am On Jan 19 |
Mayflowa: Exactly. You're upto date Yeye Tinubu and his co workers just came in and yanked the policy off without asking questions. Those incentives were encouraging people to send something to Nigeria then so that their relatives can benefit from the incentives. 2 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by bobbiiee: 6:40am On Jan 19 |
Does Fintech sell at black market rate? Which one can you recommend? mcbreeze: |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by 7arrows: 6:42am On Jan 19 |
Brendaniel: U have made valid points and thats the fact. 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by dettolgel: 6:44am On Jan 19 |
mrrandomguy: There is a difference between 90% of the dollar did not get to Nigeria and that 90% of remittance didn't get to Nigeria. Please do you guys think you are talking to kids? One thing I give APC government is that they know how to run effective propaganda. That the dollar did not get to Nigeria does not mean that 20 billion dollars was not remitted. It is up to the government to find a means to get their hands on it. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ozolity(m): 6:49am On Jan 19 |
LegendHero: Please how do the Fintech get their Naira reserve? These people think they can always use our brain. Always trying to justify every rubbish. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by damosade(m): 6:53am On Jan 19 |
As if I got my fx from cbn when I wanted to pay for common udemy courses.. so I should channel my dollars through cbn rate abi. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by ozolity(m): 6:54am On Jan 19 |
These clueless people self. Pls ask this man how do the Fintech get their Naira reserve that they pay Nigerians. Do they get it from the moon? Do the Fintechs print the Naira? Who exchange the Naira for them? 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by dettolgel: 6:55am On Jan 19 |
FreeStuffsNG: There is a difference between 90% of the dollars remitted are not remitted as dollars and 90% of the dollars are not remitted. One thing I give to this government is how effective their propaganda machinery is. ![]() Whose fault is it that the dollar exchange happens right of offshore? I still don't the significance of cashing the dollars first in Nigeria before changing it to naira, if the huge disparity between CBN and black martket rates exist, and if demand for dollars is still driven by our mostly import based economy? 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by jaybee3(m): 6:55am On Jan 19 |
Jamie248: Let’s assume this is a brilliant idea, here are some pertinent questions for you to consider: 1) How should CBN source the outflow naira since they can’t simply use QE as soln 2) CBN can’t simply source Naira from the banks (Monetary Deposits) they regulate as that will simply turn them into a direct competitor |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by udeh3(m): 7:01am On Jan 19 |
These talks no follow abeg... The Fin tech companies had CAC registration, there's NDIC certification, SCUML, ICPC, CBN and other bodies that are involved when it comes to opening a company's business accounts not to talk about a FINTECH company operating in Nigeria. All financial transactions are monitored. There are auditors too, the FINTECH companies are well known, so, what stops the CBN writing policies to track them down. Are these financial money related bodies telling us that they don't know how the money gets to the fintech companies and how they can make them accountable at the equivalent rate? 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 7:17am On Jan 19 |
Jamie248: It's because they still have money to loot and Nigerians are not holding them accountable. It stops the moment the people hold the leaders accountable. Not all these ones done on social media. Our institutions are too weak! Ideally, someone like that Betty Edu would have been arrested and remanded in prison. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 7:20am On Jan 19 |
sslcrypt: Government sef no suppose dey involve themselves in all these kind talk. They are looking for easy way out of the mess they created. 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 7:25am On Jan 19 |
Cmeo: The biggest pressure on the naira is corruption that doesn't allow businesses to thrive. How about ease of doing business? Power? Insecurity? Dollar earnings? All these ones about CBN not being able to regulate is not the basic issue. They are trying to avoid the major issue...all these ones stem from that one issue CORRUPTION. If CBN does all the regulation, if CORRUPTION still thrives, everything is a Pure waste of time! |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Image123(m): 7:45am On Jan 19 |
Most people know THIS problem already, what is needed is solutions. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by IamAsiri: 8:38am On Jan 19 |
Slippy: Only 10% does. It's out of those that do make it down that you see majority again selling at the black market. 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by IamAsiri: 8:40am On Jan 19 |
shadrach77: Unless you intentionally send dollars to the beneficiary's dom account, most of the funds sent down get converted into naira. 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Otunbakayce: 8:53am On Jan 19 |
FreeStuffsNG:Take a look at this fool. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Treadway: 9:02am On Jan 19 |
I already explained this last year when some were waiting for December to come, onto say dollar will roll in......in 2023?? When there are plenty apps that they use to send money and the recipient gets naira equivalent. Ain't nobody coming around with cold hard USD anymore, but dem no hear word.. Now wey world Bank don explain same thing, maybe dem go hear. Op freestuffsng wey no kuma know him left from right dey say make govt go after fintechs that have provided ingenious and working solutions (a feeling/concept he knows nothing of) to the problems of many, because his own country are filled with inept people like him. Smh 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by omohayek: 9:09am On Jan 19 |
grandstar:The problem with the above is that right now the government simply doesn't have the necessary reserves to defend a pegged rate. The only way out of this mess is to combine the interest-rate increases you've already mentioned with the announcement of a large-scale privatization program, as part of a larger program to rein in the size of the public sector. Even though any privatization program will still take a few years to complete, just the readiness to make concrete proposals would firm up foreign investor confidence, which would reverse the downward pressure on the Naira. The other side to this story is the need to rein in public-sector demands for ever larger wage increases to cope with inflation, as this is already giving rise to a classic wage-price spiral. One advantage to the announcement of an ambitious privatization program (apart from the prospect of both bringing in badly needed forex while simultaneously reducing the government's expenses) is that it will put public-sector workers on notice that their positions are no longer secure enough for them to try holding the rest of the country to ransom through strike action. The NLC leadership may continue to foam at the mouth, but the likelihood of anything coming of their threats will be radically diminished. I know Tinubu was badly shaken by the backlash when he announced the abolition of the petrol subsidy (which he never fully followed through on), but the fiscal situation left behind by Buhari was atrocious, and the changeover coincided with a sharp rise in global interest rates to make the already existing debt burden crushing, meaning no one is about to grant Nigeria fresh new loans unless Tinubu is willing to go to the lender of last resort, i.e. the IMF. Not only would doing so kill Tinubu's hopes of getting re-elected (given how negatively Nigerians view the IMF), but the reform program the IMF will demand would be far more radical. Tinubu needs to get over his fear of public opinion and put forward a program that will draw in FDI on a large scale, before events force far harsher medicine on him. 3 Likes 2 Shares |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Cmeo(m): 9:12am On Jan 19 |
BennyDGreat: No nation is immune of corruption, whether US, Vatican or Saudi Arabian. Regulations is what keep it at bay because regulations comes with penalties that deter people from unholy practices |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by blueAgent(m): 9:16am On Jan 19 |
shadrach77:I wonder Very foolish and illogical analogy. Instead of them to say the money was not remitted through channels were government can tax and steal. they are claiming it did not get to its recipient or Nigeria. 1 Like 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by VeeVeeMyLuv(m): 9:16am On Jan 19 |
gotousa2013:The govt are not putting any bit of effort at all to improve the situation The government are not doing their work. They are the one encouraging this illegality. How many country operate this kind of black market FX rate? 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by VeeVeeMyLuv(m): 9:21am On Jan 19 |
Jamie248:Yes o They are very silly and stupeed |
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