Bampeh:
This will strengthen the naira a bit. The market will be flooded with dollars and people will not be willing to buy dollar for keeping sake.



who is that Nigerian loving overseas that will be motivated to send more more because of N5 incentive for every $1 ? Anyone who can send $1,000 sees nothing attractive on 5,000 naira

This is all motion no movement- yeye government!













Bampeh is an economist

thebosstrevor1:


Bros you are writing nonsense.

First and foremost, naira is already trading at 470/475 at the black market since last month


The promo is to encourage people abroad to send more dollars so that people looking for dollars at home can have more international trade.

Bampeh:
This will strengthen the naira a bit. The market will be flooded with dollars and people will not be willing to buy dollar for keeping sake.














Bampeh is an economist

Exodora:

And you can't explain without being rude .Wow a man indeed .
I wouldn't want anyone to spoil my day . I didn't read it before quoting and there was no way I could cancel . You can find where asked how much I would receive for $300
Next time don't quote if you know you will display only but stupidity .

Foolishbuhari:


You're wrong my friend. The CBN hopes Nigerians will for the sake of patriotism, send dollars through the bank, then collect dollars at their fraudulent exchange rate of ₦410/$, so they will give you a ₦5 compensation for being a good boy. They claim if you want to be paid in dollars, the banks could remit in dollars to you. They have forgotten Nigerian banks are corrupt and will tell you no dollars and you'd be forced to collect payout at their silly rates.

They also forget if you get the dollars through your usual way, you could simply move it to black market and get better rates for it.

It's just another silly policy somersault they didn’t think through

SeaTrade:
You are very dull.
It's to reduce the price of the dollar(strengthening the naira) ,that is the priority.
Who cares about international trade for illegals?
You think the CBN cares about anything but strengthening the naira?dumbass.
And where has aboki been selling dollars for 475?I'll like to buy,dunce.
You dont even know there is a price difference between buy/sell at aboki shop.

einsteine:
Opportunity to cash out. Send money to Nigeria. Collect the CBN giveaway. Return it abroad. Send it again. On and on and on.

thebosstrevor1:


Bros you are writing nonsense.

First and foremost, naira is already trading at 470/475 at the black market since last month


The promo is to encourage people abroad to send more dollars so that people looking for dollars at home can have more international trade.

onoms4luv:
so for every 1 dollar, I will be charge 5naira. this country Sha, that emefiele of a person na only to extortion he Sabi?

CodeTemplar:
Rubbish initiative. After maintaining two rates with a wide difference, they want to use N5 of the remitter's money as a bait to corner the dollar.

GamalNasser:


Just imagine the fraud

redsun:


It's counterproductive. It will have a negative impact if end up having hyper inflation in the country because high dollar exchange rate. I think the only people that will benefit immensely from it will be money launderers that have little to lose either way.

The only way forward for the country is to become productive and manage its natural resources shrewdly.

tit:


For every dollar you send to the jungle, you get a dollar + 5 naira

swtdrms:


Yes, you collect your dollar and still get N5 for each dollar sent to Nigeria

thebosstrevor1:


It is a loss because of interbank and swift charges

Godarz:
Well, good idea

For those mocking the idea, the issue is the CBN has one mandate, and one mandate alone. DEFEND THE NAIRA AT ALL COSTS...and it does that by attracting dollars.

And the truth is oil prices are too low for Nigeria to earn sufficient dollars. Because Nigerians want price controls for everything, plus insecurity, and corruption, and bad leaders, investment is having a hard time coming in.

So, CBN has to resort to all kinds of methods to get dollars. The downside is that Nigerians won't be able to get dollars from abroad, and change to naira at the parallel rate...or higher rate, which to be honest is not fair...and N5 to $1 does not cover potential losses.

FalseProphet1:
I see that more than 70% of people reading this post have no idea what it means. This I have seen.

jibbish:
Illiterates full nairaland first page.
They don't understand a policy but keep talking rubbish.
The zeal just to drop comment and get likes has eroded good thinking

einsteine:


That's if you are doing small amounts. The charges on a million dollars will not be anywhere close to 5 million Naira which is what the CBN will be giving.

thebosstrevor1:



Dummy, we all know it is to strengthen the naira but the main aim here is to encourage people abroad to send more dollars.

If you buy naira regularly, you will know that it is 475 to dollar, as at last month, it was 470, middle of last month it was 460, in December, it was 480.

Ahasco:


Please shed more light on the fraud aspect, the motive, reason and why they all of a sudden brought this up.

einsteine:
Opportunity to cash out. Send money to Nigeria. Collect the CBN giveaway. Return it abroad. Send it again. On and on and on.

studentofTruth:


I agree with you. If truly the banks are doing the giveaway at #5 per $, with $20,000, someone is in a profitable to-and-fro business.

International transfers cost about $30 per transfer, so to and fro is $60 — let's say $70 (assuming any other charges). Every inflow of $20,000 gives you #100k from CBN, while your expenses is only $70 (#30-35k). You're in #65k profit per full trip!

Invariably, these dumb fellows, through this dumb policy, have created another means for their folks to milk the country more!

thebosstrevor1:


You cant receive 20k in a day because of money laundering laws.

10k is the limit of transaction daily for private individuals.

If you are going to be sending from abroad to Nigeria every day, they will ask questions abroad and can arrest you for money laundering.

Even companies don't do this type of stuff, instead they do round tripping through asset

SeaTrade:
Ode I was talking about buying dollar which was at 480 yesterday.
Mumu it is not to attract more remittance because nobody that wanted to send $10k will send $20k because you are giving 100k bonus,dumbass.
It is subsidy because aboki will also remove N5 from buying price because CBN is already offering you that,empty head.

studentofTruth:


All it takes is a corporate account, which every elite has.

studentofTruth:


All it takes is a corporate account, which every elite has.

Ghana, SA, etc are abroad.

The point is, these guys keep creating policies that commoners see as dumb, but in effect, is meant to milk the country dry.