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Nairaland Forum / Nairaland / General / Business / 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele (18531 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 Primusinterpares(m): 9:28am On Jan 19 |
Nigerian banks are the culprit here. Cbn should sanction all the Nigerian banks if they are truly serious about this thing. But they can't because of Personal interests, and corruption. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by VeeVeeMyLuv(m): 9:41am On Jan 19 |
jaybee3:The 25 Commercial banks can do that They were doing that before this evil party came and turned the entire system upside down and dumped it into the dustbin. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by EDOLUWA: 10:36am On Jan 19 |
Cmeo: The factual fact! 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 10:55am On Jan 19 |
MeineMutter: So blaming government failure on private individuals is the way then? 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:00am On Jan 19 |
Cmeo: Regulations that regulators are the first ones that break? Aren't you following Emefiele's ordeal and all the things he did... Even in those countries you mentioned, can anyone have the effrontery to take the kind of actions leaders take here....where someone will steal and will still laugh and get away with it because his friends are the judges, police offers and other enforcers of the law We don't have strong institutions and some people are bigger than the regulations and laws. SIMPLE. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:01am On Jan 19 |
linearity: The thing sef dey one kind. All these rubbish won't stop until we begin to hold our leaders accountable in real life. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:07am On Jan 19 |
pacespot: The stress is too much and they are expecting people not to look for apps that won't stress them. Wetin con be the benefit of the dorm account when restrictions just full ground yakata 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Cmeo(m): 11:09am On Jan 19 |
BennyDGreat: It is true some people could seem bigger than some regulators but they are not bigger than all of us equipped with the power of social media. We as citizens needs to play our part by saying something if we see something 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:11am On Jan 19 |
ubev01: It's a two way thing. Some people are paying naira here for the companies to help them with things like subscription, application fees and other kind of payments abroad. Then those foreign guys drop dollars..... everything eventually balances as long as they have large influx of people on both ends. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:13am On Jan 19 |
Cmeo: Ahh Baba....this thing don pass social media criticism. There must be a way to hound those people and physically put them in prison to suffer without privileges. If not, we will only shout on social media and those people will still walk free or at most get like 2/3 years in jail when they ought to use life in prison. 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:18am On Jan 19 |
grandstar: Even with all these strategies, there will be a major flop if we don't increase export earnings by a great deal. The imbalance will undo the good fx policies.... The government is shying away because of the work involved and want easy way out which can never be sustainable |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:21am On Jan 19 |
dettolgel: Why do they even need their hands on it? It's private money. Them laying their hands on it is to make money off it. Let them go and fix our export earnings and stop disturbing people they didn't help to succeed in life. Wetin Naija government contribute to the life of most of those people abroad? 2 Likes |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:23am On Jan 19 |
Treadway: U dey mind the guy. Like say fintech na the problem. People that are jejely doing their business. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 11:25am On Jan 19 |
udeh3: If you think the fintechs are the problem. You don't have an accurate perspective of the issue at hand. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Menclothing: 11:27am On Jan 19 |
It’s fintech Money won’t leave the country again They will only pay u naira |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by DavidEsq(m): 11:42am On Jan 19 |
FreeStuffsNG:Chai see knowledge 👊👊👊. Pls what do I have to read up to know these things? 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by akintunde63: 12:04pm On Jan 19 |
FreeStuffsNG: It’s common sense and simple logic! If an App/Fintech would offer me say 1300 Naira to a $, how then would I, as a rational person, go for an option that offers less, say official bank rate of 750 to $? Make it attractive enough and the $ will flow in 3 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Cmeo(m): 3:10pm On Jan 19 |
BennyDGreat: I concur, this is a better solution. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by LOVEALAIGBO: 3:11pm On Jan 19 |
planetx: Yep! But the service charge from my end is quite steep….£25! 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by MeineMutter: 4:41pm On Jan 19 |
BennyDGreat: Government didn’t fail. We are the ones that failed the government. We are the government. We only have a few people to represent us as leaders. We are saboteurs. We are greedy. We are selfish. We are impatient. We don’t love our country. We are not ready to sacrifice. Check your heart well. How many good deeds have you done today towards your country and your fellow human beings? Any country where you see things work, it is not the ‘government’ you are talking about that made it ok. It’s the citizen that resolved to make things work. Along Okokomaiko or anywhere around Nigeria where, for instance, container-laden truck falls on a fellow citizen, instead of fellow standbys and passerby to help, they would bring out there phones and be recording and shouting ‘ IT IS HAPPENING LIFE NOW ALONG OKOKO…. HELP US SHARE AND LIKE … If the injured is lucky to get to hospital, fellow bad citizens would insist on getting some deposits before their fellow citizens could be attended to. Come over here and see where a common rabbit is crossing the road. All vehicles will wait until it has successfully entered bush. We’re those people instructed by government to have good deeds? We have people who have passed through some areas today and saw some dangerous things that could injure other road users. What effort have they made to inform passerby or try to remove that danger? If you do 15 goods in a day and I do 15 goods in a day and everybody does 15 goods everyday without doing any bad, give us 10 years and Nigeria would be like paradise. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by dettolgel: 5:39pm On Jan 19 |
BennyDGreat: Why they need their hand on it is a different conversation. I agree with you that if they are interested in having it they should fix the system. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by BennyDGreat: 6:06pm On Jan 19 |
dettolgel: Nigeria can come out of the current mess with a solid 15-20 years workable plan and a total commitment to it. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by tonyson010(m): 7:06pm On Jan 19 |
My worry is Why is Naira crashing so rapidly since 3days ago ![]() 1 Like 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by emperorlog: 7:15pm On Jan 19 |
I agree with Oyedele on this. The demand for $$$ does not compensate for FX rate going over the moon(not at the pace at least). One thing of note is that the deposits from these transactions does not show the sender’s name (the banks would know where the money is from) If the government intends to block these currency speculators (FinTechs) from “further manipulating the FX rate” , the CBN should revert to Buhari’s tenure when they ensured that any funds going through the apps would only be received by the recipients in USD ( either in their domiciliary account or cash) . The sender pays a fee (was pegged at 1% of the transaction sum) and $$$ arrives in Nigeria. This way, the remittances can be properly tracked and I believe FX rate would be stable as pressure on Naira would be less. Who is ready to take the bill by the horn? |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by CyberWolf: 7:45pm On Jan 19 |
MeineMutter:Animal like you has never contributed anything to the country. Did the useless CBN give them fx at official rate when they’re traveling? Didn’t they bought at the black market due to CBN’s perpetual “no fx” bulshit? Now they want to reap where they didn’t sow.. thieves. Let them go meet their co-travelers they sold fx through the back door to round trip .. nonsense ![]() 3 Likes 1 Share |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by sonnie10: 8:13pm On Jan 19 |
LastProphet:What are talking about? Even as we speak, if you send dollars through western union to Nigeria, you will still receive it in dollars from any of their outlets in Nigeria banks. Nothing has been removed. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by pacespot(m): 8:29pm On Jan 19 |
RepoMan007: Naira of course. The thing is that these fintech companies have Naira-domiciled accounts in Nigeria which they use to settle these transactions for their users, but their dollar accounts are offshore so CBN doesn't get to see these dollars from diaspora remittance. 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by LastProphet: 8:49pm On Jan 19 |
sonnie10: Yes you receive at CBN rate set by emeifele, when parallel was over N700 the CBN ratye was 440 and they stopped giving people their $$, that's where they lost the people 1 Like |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by sonnie10: 12:16am On Jan 20 |
LastProphet:There had never been a time when commercial banks stopped giving remittances in dollars. From the time of Emeifele up until now. |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by CyberWolf: 11:10am On Jan 20 |
sonnie10:That’s a lie. It appears so on paper but when you go to any these banks, they will tell you that they don’t have fx and offer to pay equivalent into your account, of course at official rate. Did that many times, tried almost al the major banks and still same story. Meanwhile CBN disburse fx to them weekly but yet, they hoard it and sell to their cronies who in turn round trip at the black market for profit. Applied through trader system for school fees payment abroad and for 6 months, it’s still on “processing” even after submitting all required documents, defaulted and had to borrow funds to source for fx via black market. And when I want to send fx back home, you want me not to use black market rate? Una dey craze |
Re: 90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele by Badb0y4lyf(m): 11:03am On Jan 21 |
The only way is for FG to mandate the Apps to pay in USD so the money is exchanged in Nigeria one way or the other. |
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