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Nairaland Forum / Nairaland / General / Business / CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances (36093 Views)
90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele / Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN / Naira-4-dollar Scheme Ends May 8, Banks Tell Customers (2) (3) (4)
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Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by bigtt76(f): 5:30pm On Mar 06, 2021 |
Very correct FalseProphet1: |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by IYANGBALI: 5:31pm On Mar 06, 2021 |
Me I no kuma understand the story. mummyfour biko come and explain to me o |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 5:35pm On Mar 06, 2021 |
studentofTruth: One of the benefits of social media, including Nairaland. Just for posting this here, UBA has sent another message with the right amount @#5 per $ 2 Likes
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Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by 12inchess: 5:35pm On Mar 06, 2021 |
studentofTruth: Smart man. They have created a successful strategy for some bankers to round trip. Only people with "access" can be involved in this and CBN is essentially given them a loophole to do this. Probably this may already be going on given our dual exchange rates. But hustlers like me wont drop one dollar because additional 5 naira. Naira that before you open and close your eyes again the 5 naira has become 2 Naira. What if after May CBN devalues the naira again which is consistent in their ways. Then the additional 5 naira you made on your dollar will be how much? 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by redsun(m): 5:35pm On Mar 06, 2021 |
[quote author=jibbish post=99661193 ][/quote] Changing the naira at high dollar rate will ultimately mean spending more to buy the imported goods, and that will be taken out on the final consumers in increased prices. Cement price has gone up already gone up, even though dangote supposedly makes it there. No emerging economy strives by importation, rather it's the other way round. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by bigtt76(f): 5:35pm On Mar 06, 2021 |
When they started this receive dollar thing ...I knew it was all sham ....first the banks started rounding up the dollars to be paid out with the excuse that they don't have smaller denomination meaning if they sent to you $1010 you can only receive $1000 you forfeit the $10 except you can cancel and get your benefactor to resend. Next it was the issue of some bank branches not having dollars and trying to frustrate the beneficiary, they also tried forcefully converting the dollars without the customers' permission and pay out in Naira. All of these did not increase the inflow now, it is payment of bounty on the dollar to encourage inflow GamalNasser:
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Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 5:38pm On Mar 06, 2021 |
thebosstrevor1: Corporate account means business account! You can attach any business you want to it. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 5:41pm On Mar 06, 2021 |
bigtt76: What you wrote is not true. Banks do pay customers the correct money sent. If someone send 110, they pay you your complete money and dont round up. If they take out of your money, it is fraud, they know that. No bank in Nigeria, since the policy started have ever forced any customer to convert to naira, it is up to you to convert to naira, there could be issues of no dollars in a particular branch, you can go to another bank. I don't know where you are getting your information from 3 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 5:43pm On Mar 06, 2021 |
studentofTruth: Not true....business account limit is 100k and you can be arrested for money laundering. Most businesses commit crime through round tripping. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by CooKeed(m): 5:46pm On Mar 06, 2021 |
thebosstrevor1: If remittances are not significant, the Cbn would not come up with this policy or 'promo'. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 5:47pm On Mar 06, 2021 |
CooKeed: Fdi is also counted as remittance |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by CooKeed(m): 5:48pm On Mar 06, 2021 |
einsteine: You want to receive 1m dollars though western union? 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 6:00pm On Mar 06, 2021 |
thebosstrevor1: It has nothing to do with me. I'm telling you what those elites do. This policy has created another business for their folks. Money laundering issues arise when a business is going beyond $100k per day. @$99k per day, those guys can be making over #300k per day free money. Rubbing tax payers to pay their folks. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by CooKeed(m): 6:01pm On Mar 06, 2021 |
thebosstrevor1: No. Remittances do not include FDI. Secondly, this 'promo' is for people who receive fcy through IMTOs. Can you send FDI through western union? Again, no. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 6:02pm On Mar 06, 2021 |
studentofTruth: I believe you live with them to know their strategy |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by GamalNasser: 6:07pm On Mar 06, 2021 |
bigtt76: Hahaha I like how U describe it " bounty on the dollar " |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 6:08pm On Mar 06, 2021 |
thebosstrevor1: Tell me about the round tripping with assets you were talking about since you do it with them. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by seunayantokun(m): 6:14pm On Mar 06, 2021 |
studentofTruth: Thank you. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by GamalNasser: 6:14pm On Mar 06, 2021 |
studentofTruth: U see the corruption I was speaking about has already started 1 Like 1 Share |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by seunayantokun(m): 6:16pm On Mar 06, 2021 |
GamalNasser: Or ransome on dollar! 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 6:16pm On Mar 06, 2021 |
nedekid: Not to excuse government...but here is the issue. There is something called a breakeven oil price...and for Nigeria it is $133 per barrel...which is the price that we need oil to run a balanced budget. It was $139 three years ago, and $122 in 2012. Why is it that high? Well, we produce the same amount of oil as the UAE. The UAE has less than 15 million people, we have about 211 million...so we need a higher price of oil to have better revenue Again, when oil prices fall, we need to take loans to keep our heads above water. Since 2014, oil has been falling. GEJ as a result took loans, and Bubu took loans when he came on board. As a result....when the oil price rises, we have to pay those loans first....so no impact yet...AND we still have to take loans since $65 is not up to our breakeven price. There is a reason why I don't like APC or PDP...and it is because all of them behave as if oil is our only earner. No plan to diversify, and they also refuse to remove subsides on fuel and power...which would attract more investment and dollars, and give us a stronger naira (with the only side effect being high prices for power and petrol). This quote from this article puts it well..and the scary thing was that it was published in 2004 Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. SAUCE 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Ahasco(m): 6:18pm On Mar 06, 2021 |
FalseProphet1:Please explain better so i know what it means |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by GamalNasser: 6:26pm On Mar 06, 2021 |
seunayantokun: Lol |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Ahasco(m): 6:28pm On Mar 06, 2021 |
A305: your own thinking and analysis is totally different, as others are mainly opposed to it you seem to see a clearer picture that not even myself understand |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 6:28pm On Mar 06, 2021 |
studentofTruth: There are 2 ways. But we are going to focus on the forex roundtripping You buy dollars at cbn rate and sell it in the black market. For instance, it is easy for your elites to get 10 million dollars at official rate (380) and sell at N480 at the black market and make a profit of over N1bn and if they do that four times in a year, for doing nothing they would earned N4bn. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Ahasco(m): 6:35pm On Mar 06, 2021 |
Princedapace: The same bandits that are being sponsored by politicians abi? |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Lexicon123: 6:35pm On Mar 06, 2021 |
Nbotee:On the contrary, I think it's just an incentive to encourage inflow of the dollar. Remember you now received dollars rather than it being converted to NGN. So there's no question of use of a 'fraudulent' rate. My only challenge is the short timeframe for implementation. Otherwise, I don't see anything wrong with it. Our FDI has plummeted lately, so anything to encourage foreign inflows is almost welcomed now. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by bigtt76(f): 6:39pm On Mar 06, 2021 |
See attached from WorldRemit thebosstrevor1:
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Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 6:45pm On Mar 06, 2021 |
bigtt76: But it is different from reality. Also this is like a precaution...at the end they wrote, you can use another pick up branch if their is unavailability of smaller notes. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by calcal: 6:47pm On Mar 06, 2021 |
My brothers and sisters in the diaspora please do not send money to Nigeria for now, do not consent with the failed country. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 6:55pm On Mar 06, 2021 |
thebosstrevor1: Everyone knows that game (items for forex and items banned for forex). It's what kept the naira in this sorry state. I want to know the one you talked about initially with some forms of tangible assets. |
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