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Nairaland Forum / Nairaland / General / Business / CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances (36001 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 jedisco(m): 2:47pm On Mar 06, 2021 |
hmm 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Pennywise(m): 2:47pm On Mar 06, 2021 |
So for every $1000 sent, the sender gets N5000 extra. CBN dey craze. It is yet to appreciate the grave situation of the naira and the potential for a complete collapse of it's currency 4 Likes 1 Share |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by princemartinsG(m): 2:48pm On Mar 06, 2021 |
If southerners are wise They will set aside all past bickerings And for the sake of this time Put hands together to put him one of our own. Then create good development plan anyone we put in must work towards The South has many leaders But many of southern leaders have been involved in controversies which make southerners see them as corrupt and with characters that make it difficult for southerner people to trust them The people feel that if these leaders are brought to equity, do they have clean hands As this perennial problems between the nought and the south continue to reoccur Southerners must temporarily set aside the past mistakes and errors made by southern leaders and come together to chose the most capable of Southern leaders to be voted for 2023 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by A305: 2:49pm On Mar 06, 2021 |
If I understand this news correctly. It means CBN intends to outbid ABOKI and the banks for your dollar in order to amass the dollar, devalue it locally and make it available to other sectors at their rate. Then make the dollars in circulation exessive that, it would crash the black market rate if they keep up with the promo. The promo would serve as a tool to check mate dollar scarcity and overflow. Nice move CBN. Who ever came up with this is a thinking man. 13 Likes 3 Shares |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by SeaTrade(m): 2:49pm On Mar 06, 2021 |
They want to subsidise the dollar by 5 naira ,without actually spending dollars from the reserve to defend the naira. Like using the naira end of the deal to strengthen the naira. Good and smart move...This means from 9th of may they will start funding BDCs appropriately again ,so speculators and exporters and smugglers should be weary of the month of may. They've just given smart people a heads up Expect dollar to trade for 475 or 470 on monday at the parallel market , 5 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Richieniit: 2:57pm On Mar 06, 2021 |
Simplyleo: Dumbass |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Buharidgeneral: 2:59pm On Mar 06, 2021 |
Naira on promo. Buy one get one free Las Las all of us go dey alright Clueless 37th Governor 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by seunayantokun(m): 2:59pm On Mar 06, 2021 |
To save mallam maidollar business being challenged by online money transfer companies? A business that is sabotaging our economy in the first place for that matter? I don't understand, somebody may help explain the rationale behind the cbn's strange dance. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by BruncleZuma: 2:59pm On Mar 06, 2021 |
Bampeh: Economist 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by swtdrms(m): 3:01pm On Mar 06, 2021 |
tit: Yes, you collect your dollar and still get N5 for each dollar sent to Nigeria |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by seunayantokun(m): 3:03pm On Mar 06, 2021 |
A305: But aboki rate is always higher because if they buy at N360 and sell at N460. They have gain N100. It is a simple principle of buying and selling. Please more light needed if you understand it. Thank you. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 3:04pm On Mar 06, 2021 |
GeneralPula: |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by AmazingELixir: 3:07pm On Mar 06, 2021 |
Nbotee: Don't be economical with what the policy entails " The circulated stated, “In the light of this, the CBN shall, through commercial banks pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by designated beneficiary. This incentive is to be paid to recipients whether they prefer to collect the USD as cash across the counter in the bank or transfer same into their domiciliary account.“ If the recipients decides to collect the money in USD how does the CBN exchange rate affect them....the fact remains that if customers decides to do the exchange through the formal banking sector ofcourse the CBN exchange applies otherwise the informal currency practitioners are everywhere with all the attendant risk. 1 Like 1 Share |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by spinna: 3:08pm On Mar 06, 2021 |
Relevant people... please explain further lets understand. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 3:08pm On Mar 06, 2021 |
No wonder UBA sent me a message this morning that they want to give me #2 per $ received. So, it's actually #5 per $, and they want to corner #3. Nawaa, these banks will never stop to amaze me. @CBN and Emefieli, continue your business. Very soon, it will be game over! 7 Likes 2 Shares
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Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Princedapace(m): 3:12pm On Mar 06, 2021 |
Simplyleo: Oh boy, u love Nigeria o. Bandits just went to a FG staff quarters to kidnap family members of staff of the Aviation ministry. Soldiers engaged them but the bandits still escaped. Mehn, how some of u love Nigeria like this beats my imagination. Even ur leaders, ur politicians dont believe in Nigeria o. Their families are secured abroad, they use abroad hospitals, send their kids abroad for education, some keep their kids there. This only means that they dont believe in Nigeria o. How do some of u who are broke who cant afford to keep their families abroad or run away when there is problem defend the same country whose leaders dont believe in beats my imagination. That is madness o. What the bandits did shows that they can go into any community, govt establishments, houses, etc to kidnap citizens o. 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by superemmy(m): 3:15pm On Mar 06, 2021 |
Why is CBN trying so hard to deny crypto currencies will far outweigh what they’re trying to do |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by GeneralPula: 3:19pm On Mar 06, 2021 |
StacyO: Yes everything nah scope |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Foolishbuhari: 3:20pm On Mar 06, 2021 |
Godarz: Which is why it's a pipe dream. An idea drowning in a pond of stupidity as all their previous plans. The exchange rate is the demon! 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by kelvindj98: 3:22pm On Mar 06, 2021 |
onoms4luv:Read the news article again. Don't disgrace your family and your education online. 3 Likes 1 Share |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 3:24pm On Mar 06, 2021 |
Foolishbuhari: Might be a pipe dream, but CBN can do what it can do. For us Nigerians, we have to 1.Vote for the right people...not PDP and APC 2.Stop the idea of price controls in the power and petrol sector...and allow the companies and makrteters set the prices that would allow them make profits to build refineres, and expand our power generation and transmission...and by extension our economy 3.Fight corruption. 4.End insecurity...by properly funding the Police 5.Expand the tax base. CBN can do only what CBN can do. The rest is up to us and our polticians. 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 3:24pm On Mar 06, 2021 |
GeneralPula: Information reaching me then was that crypto like everyone claimed was never banned. It was already on a ban list but,due to pressure from citizens,it had to be cancelled. |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by kelvindj98: 3:24pm On Mar 06, 2021 |
GamalNasser:Are you Lie Mohammed's brother? Lie with dignity now? |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 3:28pm On Mar 06, 2021 |
seunayantokun: You understand the game. Seems that they don't have enough to supply the vendors; sensing USD scarcity in the parallel market, they want to entice the citizens to flood the market with dollars. Temporary fix. Their game will be up soon. They're already out of options, which is why they are doing so many crazy things of recent. The scam going on in that parallel market is worse than all the fuel subsidy scam put together since the 3rd republic! They're literarily subsidizing foreign exchange for some people (by as much as #100 per $) at the expense of the entire economy! |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Kettlecorn: 3:28pm On Mar 06, 2021 |
SeaTrade: This is actually a good explanation. It is effectively a backdoor short term devaluation of the Naira without officially stating an actual rate and risking the repercussions in the marketplace. It's business as usual in Nigeria. Instead of eliminating the disease, they are fighting the symptoms. Diasporans and even Nigerians in Nigeria do not really like to go to aboki to change their forex, with all the attendant risk fake Naria, robbery etc. If CBN offers a rate close enough to market rate and makes the transaction smooth and easy... interbank with little or no fees, most will move their money through the official channels. Secondly, why does the law ignore the illegal aboki changing money on the street at illegal rates? We all know why. There is really no need for BDC and illegal means if the process works through our regular banks. 3 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by castrokins(m): 3:28pm On Mar 06, 2021 |
Good Time To Round-trip 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Okoroawusa: 3:31pm On Mar 06, 2021 |
Half of the people on this thread has no idea what the thread is all about 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Emmasnoop(m): 3:32pm On Mar 06, 2021 |
People nor fit read English and understand again for this country because hunger Don scatter their brain , this small right up get many many interpretation here na wa oh. 1 Like |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by tunapawizzy: 3:34pm On Mar 06, 2021 |
ole government...people abroad add that 5naira to the rate the banks will buy ur dollar, e no still make sense, just send USDT to ur people in naija, let them use p2p to convert to naira 3 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Yankee101: 3:40pm On Mar 06, 2021 |
Dollar don scarce |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by N2B2: 3:42pm On Mar 06, 2021 |
Nbotee: Did you read the full article at Nairametrics? Nigerians will get the 'naira for dollar' sweetener whether or not they change their USD to naira, take their USD in cash, or deposit it in a domiciliary account. 2 Likes |
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Jaqenhghar: 3:43pm On Mar 06, 2021 |
The diasporans they spend time insulting are one of their sources of income. SMH 1 Like 1 Share |
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