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CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances (35495 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 Lagoon0: 3:49pm On Mar 06, 2021
Simplyleo:

We Nigerians sent CBN.

And it has nothing to do with online country.
Lol I know you don't understand anything. You just jump to comment
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Foolishbuhari: 3:49pm On Mar 06, 2021
A305:
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.

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

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Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by IMAliyu(m): 3:50pm On Mar 06, 2021
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?
No they are saying for every 1 dollar, they will pay you extra 5 Naira. On top the official exchange rate of 415, to be 420.

Still not worth it when you can get 1 dollar for 500 Naira on side markets.

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Rapidpolystyren(m): 3:50pm On Mar 06, 2021
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?
for every dollar, the CBN will pay 5 naira bonus
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by SKYHIGHfx: 3:55pm On Mar 06, 2021
Mightyhaiz:
So e never reach when u go get sense

He not fit get Sense for this world again....

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Foolishbuhari: 3:56pm On Mar 06, 2021
Godarz:


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.

Bro I'm not a politician but I think it's the CBN that's decided to go into politics we should rather be advising. They caused this nonsense we are in today.

When Emefiele went about throwing dollars at every northern politician so they could round trip and make crazy profits, he didn’t know they chickens would come home to roost? We had 4 exchange rates where corrupt people made excess profits snd you think this day won't come?

By the way, we should rather push for a good person among those political parties at least for national level because truth is no other political party has the reach of the PDP and APC and our wishes won't make it any different. We should rather clamor good solid technocrats be deployed.

Any other youth party or the likes should focus on state politics for now

1 Like 1 Share

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by donforeign: 4:01pm On Mar 06, 2021
Someone should explain this for me..
I be they expect about$2500 on Monday via Ria or moneygram o
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by ourema(f): 4:06pm On Mar 06, 2021
FalseProphet1:
I see that more than 70% of people reading this post have no idea what it means. This I have seen.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Ashinze: 4:09pm On Mar 06, 2021
My brother thank you very much, since 1960 the south are the once feeding North. North did not have anything. Can you imagine thousands of immigration's, police,vio, military,mopol, NDLA etc are on southerners border . No immigration from kana to matadi , useless people.
CodeTemplar:
Lol. . . they will take the remitted dollar at a lower rate forcefully and make the real beneficiaries of the remittances and forex buyers to buy it at a higher rate. Out of the difference of about N100, they will use N5 to bribe the remitter of the forex.
Why not tax cattle seller like 2.5k per cattke above 100k? They always looking to take from where southerners are active in and send it to other parts of the nation.
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Pesuzok(m): 4:19pm On Mar 06, 2021
donforeign:
Someone should explain this for me..
I be they expect about$2500 on Monday via Ria or moneygram o

You will collect your $2,500 in cash and an extra NGN12,500 CBN promo
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by chyzoo4u(m): 4:22pm On Mar 06, 2021
UBA don already send me mail about this, but they cut it to #2 for $1.

Is it that UBA want to corner the other #3? lipsrsealed lipsrsealed lipsrsealed

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by mulero23: 4:25pm On Mar 06, 2021
Can you read and understand at all?
Nbotee:
For those who do not understand the post, CBN wants to b paying Nigerians 5 naira for every 1 dollar they receive but the 419 behind it all is the useless exchange rates dey dey maintain.. In other words dey want to bribe Nigerians 5 naira for collecting their dollars at their 419 rate
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Exodora: 4:28pm On Mar 06, 2021
These people should not let thunder fire them oooo.
So my dollar will be reduced now , if I had known I would have cash it out on Friday .
Everybody in this country na thief . That is how this Aboki told me on Monday that 50 dollar is not exchange as same with 100 USD na so this stupid Aboki just dupe me of 3000k
On Wednesday I went for another exchange another Aboki told me that there was nothing like that .
And this Monday they bringing this stupid rules again , can't we just enjoy our money again in peace in this country.

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Exodora: 4:30pm On Mar 06, 2021
Pesuzok:


You will collect your $2,500 in cash and an extra NGN12,500 CBN promo
How much will I collect for $ 300.
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by crazycrypto710: 4:31pm On Mar 06, 2021
Scam
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Pesuzok(m): 4:32pm On Mar 06, 2021
Exodora:

How much will I collect for $ 300.

You will collect your $300 cash and extra NGN 1,500
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 4:34pm On Mar 06, 2021
IMAliyu:

No they are saying for every 1 dollar, they will pay you extra 5 Naira. On top the official exchange rate of 415, to be 420.

Still not worth it when you can get 1 dollar for 500 Naira on side markets.

Who is selling dollars for 500 naira...pls tell me that place.

No bdc sell for 500.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by 12inchess: 4:35pm On Mar 06, 2021
Hahaha. The worst thing to keep now is the naira. If you invest your naira as stock or shares, or even as treasury bills, it will get devalued before you cash out your profits. So what is the point. Its better to kuku find a way to convert all your naira to dollars or crypto and leave it in the Chase bank or put it under your pillow and be staring at it.

CBN knows the right thing to do all this while but they won't. If they had devalued the naira to close to market rate and didnt give "special rate" to Dangote and his other cronies, all in the name of CBN rate, all this won't have been needed.

They think say we people wey dey work for inside cold for Yankee say we be mumu abi.

Your 5 naira kill you there.

4 Likes 1 Share

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 4:36pm On Mar 06, 2021
Pesuzok:


You will collect your $2,500 in cash and an extra NGN12,500 CBN promo

Thank you for the explanation.

The wailing wailers on page 1 to the end wont stop wailing.

3 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 4:39pm On Mar 06, 2021
Exodora:
These people should not let thunder fire them oooo.
So my dollar will be reduced now , if I had known I would have cash it out on Friday .
Everybody in this country na thief . That is how this Aboki told me on Monday that 50 dollar is not exchange as same with 100 USD na so this stupid Aboki just dupe me of 3000k
On Wednesday I went for another exchange another Aboki told me that there was nothing like that .
And this Monday they bringing this stupid rules again , can't we just enjoy our money again in peace in this country.


Shut up.

Try to understand things before going emotional and ranting like a woman.

If you receive money in dollars, you will receive additional naira with your orginal dollars.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Len234: 4:40pm On Mar 06, 2021
Where can some one collect money, while evading this CBN scam. I want to be paid in full rate ; 475naira for one dollar. CBN dey craze, when they were giving crazy politicians leeway dem no know!!!

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Hamburgfinest(m): 4:42pm On Mar 06, 2021
Diaspora get far better rate than CBN,money gram,western union.you will get black market rate and in just a minute your money will be in your Nigeria account..
So anybody that knows CBN please advise them to stop chasing elephant shadow.
Let them concentrate their efforts more on strengthening Naira,they can even use that 5 naira as a tool to strengthen our naira.
Empty barrel everywhere,problem with Nigeria government they’re not properly informed exactly what’s going on around the world,always in different page with their citizens
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by 12inchess: 4:42pm On Mar 06, 2021
Pesuzok:


You will collect your $2,500 in cash and an extra NGN12,500 CBN promo

Oh I see. Essentially the CBN is trying to attract all our dollars into Nigerian banks. So for someone that has a lot of money stored as dollars already, do you think this scam is enough for me to risk sending my dollars to Nigerian banks. After people have sent all the dollars finish, they will now change the policy and say you can only withdraw the money out as Naira. Just like was done in Venezuela.


Awon olofo grin grin grin grin grin

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by redsun(m): 4:45pm On Mar 06, 2021
How is the high dollar rate helping the local economy that depends mainly on the importation of oyinbo goods? It may be nice to have a high dollar/pounds exchange rate for naira, but what exactly can the naira buy?
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 4:46pm On Mar 06, 2021
Len234:
Where can some one collect money, while evading this CBN scam. I want to be paid in full rate ; 475naira for one dollar. CBN dey craze, when they were giving crazy politicians leeway dem no know!!!

It is not a scam.

You people should try to read and understand things before you comment.

For instance if you receive 10 dollars from abroad, the bank will pay you 10 dollars plus 50 naira, you can take your 10 dollars and exchange it with black market.

3 Likes 1 Share

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Bankkym: 4:46pm On Mar 06, 2021
SeaTrade:
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. cheesy
They've just given smart people a heads up cheesy
Expect dollar to trade for 475 or 470 on monday at the parallel market ,
. How do you mean ?
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by rontolo(m): 4:47pm On Mar 06, 2021
Ddokie:
A policy that makes some good sense.



If the money comes into your dom account, you withdraw dollar and sell it to aboki.


Modified

I just noticed it's a promo starting from March 8 and ending in May. Haba! Something isn't right. Maybe some people want to cash out.

Many diasporas send money to family and other purpose in Naira and not Into Dom accounts. Regardless, peer to peer gets the best rates, even better than black market as cuts out the middleman. If you know, you know.
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 4:49pm On Mar 06, 2021
SeaTrade:
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. cheesy
They've just given smart people a heads up cheesy
Expect dollar to trade for 475 or 470 on monday at the parallel market ,

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 for international trade.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by einsteine(m): 4:49pm On Mar 06, 2021
Devaluing the Naira but not calling it devaluation

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 4:51pm On Mar 06, 2021
I SWEAR, IN THIS COUNTRY, WE NEED GOOD EDUCATION.

IMAGINE THE RUBBISH PEOPLE ARE TYPING EVEN AFTER SOME PEOPLE HAVE TAKEN TIME TO EXPLAIN THE POLICY, IS THAT WE DON'T HAVE SENSE IN THIS COUNTRY OR WE JUST ADDICTED TO WAILING FROM MORNING TO NIGHT

4 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Exodora: 4:52pm On Mar 06, 2021
thebosstrevor1:


Shut up.

Try to understand things before going emotional and ranting like a woman.

If you receive money in dollars, you will receive additional naira with your orginal dollars.
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 .

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