Pascal181:
Simply shelve ur pride, accept that u, CBN governor and ur finance minister are bereived of ideas 2 move d economy foreward and bring back prof. Mrs Ngozi Okonjo Iweala to rescue our economy.

Physicist:
CBN and Nigerian banks have been defrauding Nigerians remitting money home. On the other hand, the government officials in Nigeria are taking money out of Nigeria. For example, someone sends $100 from United States to his sibling in Nigeria through Moneygram. CBN and Nigerian banks pay the recipient 30,000 Naira at a rate of 300 Naira to a Dollar. The banks officials and CBN officials now sells the 100 Dollars to the black market through back door at 375 Naira to a Dollar. The officials now make 7500 Naira on 100 Dollars or 75 Naira per dollar. An estimated 20 billion dollars is officially remitted to Nigeria annually according to World Bank by Nigerian Diasporas. Therefor ethe Nigerian government, CBN officials and bank officials are making a profit of 20Billion*75 = 1.5 Trillion Naira each year from the Nigerian Diasporas. There was a time recipients in Nigeria could receive their Moneygram or WesternUnion gifts from their loved ones on Dollars. CBN and the Nigerian government cancelled the option.
What is the most annoying is that almost all the remittances back to Nigeria are done by Southerners. In short Nigerian government, CBN officials and Nigerian banks officials are making illegal and illicit money on the back of Southerners abroad to spend. CBN should allow recipients to receive money in Dollars.

hopefulLandlord:
What effect would this have on the naira? Would it make it go down in value or go up in value?

Physicist:
Where will the bank get the dollars to give to recipients?
Bros,it seems you dont know what is happening.[i][/i]
Thank you onatisi for your contribution. The banks can get the dollars from the dollars sent by people living abroad. Western Union and Moneygram are ready and willing to pay Dollars to Nigerians directly. I sent money through Western Union and MoneyGram many times in the past and the recipients were able to receive them in dollars in Nigeria. CBN later directed WesternUnion and Moneygram to stop paying in Dollars in Nigeria. CBN was and is buying the Dollars from Moneygram and WesternUnion at a lower rate. CBN and Nigerian banks are making huge amounts of money from remittances abroad thereby shortchanging the recipients. This is because there is a big gap between the official and black market rate. For every dollar sent to Nigeria, CBN and Nigerian banks are pocketing the difference between the official and black market rate. Recipients should be given option of receiving their gifts in Dollars. Western Union and MoneyGram are willing, ready and capable to pay in Dollars in Nigeria. I contacted Westernunion and Moneygram on this issue. It is only CBN and Federal Government that are preventing them from paying in Dollars because of the huge and illegal profits that CBN and Federal Government are making from hard working Nigerians living abroad.

Remii:


which okonjo? the one that was crying when oil was $70 per barrel and borrowed money to pay salary for 5 months to end of her tenure or which one? apart from delay in floating the Naira, this govt is doing everything possible under circumstances they find themselves. Nigeria need to change their taste to use locally available substitutes, their is no magic to $ availability, you just need to increase inflow via export or reduce out flow by internal production to keep money in country, no magic.

OjujuCalabar:
My God! How did we get here? Where did we get it wrong with these set of confused leaders? Making trials with the lives of over 170million Nigerians. God abeg we sincerely need your help.

These set of Confused APC people has blatantly refused to look beyond their party for help.

DickDastardly:
Trial and error ... Confusion everywhere.

God where are you

Physicist:
CBN and Nigerian banks have been defrauding Nigerians remitting money home. On the other hand, the government officials in Nigeria are taking money out of Nigeria. For example, someone sends $100 from United States to his sibling in Nigeria through Moneygram. CBN and Nigerian banks pay the recipient 30,000 Naira at a rate of 300 Naira to a Dollar. The banks officials and CBN officials now sells the 100 Dollars to the black market through back door at 375 Naira to a Dollar. The officials now make 7500 Naira on 100 Dollars or 75 Naira per dollar. An estimated 20 billion dollars is officially remitted to Nigeria annually according to World Bank by Nigerian Diasporas. Therefor ethe Nigerian government, CBN officials and bank officials are making a profit of 20Billion*75 = 1.5 Trillion Naira each year from the Nigerian Diasporas. There was a time recipients in Nigeria could receive their Moneygram or WesternUnion gifts from their loved ones on Dollars. CBN and the Nigerian government cancelled the option.
What is the most annoying is that almost all the remittances back to Nigeria are done by Southerners. In short Nigerian government, CBN officials and Nigerian banks officials are making illegal and illicit money on the back of Southerners abroad to spend. CBN should allow recipients to receive money in Dollars.