Whois:
Cbn is doing 5 naira give away for every $1 you receive




Off topic I met a friend that just got back from UK he actually informed me about this loophole about a month ago he said he found out it is profitable to withdraw £ or $ inside banking hall then go exchange at a BDC and now cbn has made it a legal hustle

Why would anyone stress themselves going to queue up in the bank, only for them to tell you no dollar.

You try other banks, until you find one that can pay out.

Afterwards you go look for aboki. Aboki gives you Naira, then you go back to the bank for another round of queuing to deposit the money in your account.

All this stress for N5?

When I can fund my Binance account with USD and do P2P. Within 15mins I have the Naira in my bank account.

If Buhari is serious about increasing FX inflow, he would unify the exchange rate. No reason why banks can't convert FX remittances (at the market rate) and deposit the Naira equivalent in customers' account.

But he won't, because his fellow Aboki are the ones running BDCs.

CBN no get sense.

Scene 1

U send me $100, I go amawusa, change am for #480, being #48,000

Scene 2

U send me $100, I go bank collect am for #360, being 36,500. Then you also give me #5 for every one USD, being #5000.
36,500+5000=41,500.

As a Nigerian, Which one you go choose?

Mumu CBN

Alhajikbee1:
How come I never heard of the scheme

Iganukwanu? After emekaria na argument. Ofeke amaghi oge ekere nkwu oka.

Gobdddd:
CBN no get sense.

Scene 1

U send me $100, I go amawusa, change am for #480, being #48,000

Scene 2

U send me $100, I go bank collect am for #360, being 36,500. Then you also give me #5 for every one USD, being #5000.
36,500+5000=41,500.

As a Nigerian, Which one you go choose?

Mumu CBN

Are you sure that you have been in Nigeria recently or have anyone send you money from abroad recently?
Banks can't change your dollars anymore. You pick your dollars from the bank and convert anywhere you want.

See as you displayed your ignorance on social media... mgbeke feeling funky

Okoroawusa:

Are you sure that you have been in Nigeria recently or have anyone send you money from abroad recently?
Banks can't change your dollars anymore. You pick your dollars from the bank and convert anywhere you want.

See as you displayed your ignorance on social media... mgbeke feeling funky

I think you’re the one who’s ill informed here, no offense

thebosstrevor1:


If you receive 10 dollars, you will get 50 naira

Meaning you will get 10 dollars and also 50 naira

that's nothing na. it's too small

SirBunky85:
when did this naira to dollar stuff start?

Ask emefiele the cbn gov

zolajpower:

I got a thousand naira today for receiving$200 from my African American fiancee

sorry was it send through WU or worldremit , heard it's suspended how true?

[quote author=austinvsb post=99944009]This is actually a very smart idea from the CBN. [/quote

I can't see anything smart here. I have a feeling that since FG seems to be low on dollars due to low sale of crude oil, they are trying to get dollars from remittances abroad. However, they are using our naira as a bait. If this is the situation, I guess it is bad for the economy.

Till I know how much they exchange a dollar for, I can then draw my conclusion effectively.

playpaz:
If someone send 10 dollar to you, bank won't pay you Naira. They will pay you your 10 usd plus 5 Naira on each dollar which in this case is 50 naira.

If this is the case, why does the FG turning to "father Xmas", wasting the hard earned naira. The guys will collect and dollars and still proceed to black market to change their dollars, which they have collected NGN 5 per dollar. What is the objective of this scheme?

shagamite:

sorry was it send through WU or worldremit , heard it's suspended how true?

I don't know all I know is I got my incentive shikena

meme24:


Ok. Did your friend you sent 15K to her dom account, did she receive the naira equivalent? I asked someone in the bank that if I do wire transfer from my foreign account to my nigeria dom account, I don't get the naira incentive.

Yes. She had to go into the bank to be able to collect the incentive. The can see a trajectory of the Dollar inflow and it doesn't matter if you own both foreign and domestic accts.

Theoutsider:


and you are a feminist who hates men. your point?

Look at someone that I'm trying to save from being scammed. Go ahead and part wit your money. Sorry for bothering you, do have a nice day.

Livelystone01:

Banks are giving #5 for every dollar received at the moment.
This means if you were sent $100, you will receive it plus #500 as incentive.

Last week Friday, I got some cash as incentive after collecting my actual dollar through Western Union from UBA over here in PH.

Okay dey give the 5 naira/$ when you are collecting the dollar.
How much you dey change and for which bureau d change?

Ikinternational:
One of the dumbest cbn policy is disallowing direct deposits to naira accounts from abroad.

They really messed up a lot of Nigerians.

Something very very convenient. N they thought best to take it away from the customer.

They effectively killed small transfers. (35k or less)

Honestly, it is total crap, I have projects in Nigeria and cannot get on with it, because i am unable to pay into my Access bank Account. Here i am hoading 1000s of £££ in barclays bank.

Henix:


How much is dollar at black market, and how much is the bank's exchange rate? I don't think N5 incentive is enough for people to stop taking their dollar to the Aboki at black market

Honestly, it is total rubbish, Aboki is always the best option for me, they are usually there at the point of arrival ready to exchange 10k £££ to Naira. No queues, No long bank process.

I cannot wait for this rubbish to end so i can pay directly into my Access bank. It has affected me badly, i couldn't get on with my projects.

What is the intended objective of this scheme? Is it to raise the value of the Naira by encouraging diasporans to send more dollars home as their recipients will benefit extra 5 Naira or is to enable the Naira by encouraging recipients to convert their received dollars to Naira at the point of collection?

Dradetosinije:

Okay dey give the 5 naira/$ when you are collecting the dollar.
How much you dey change and for which bureau d change?

I don't change at the banks, I take my money out and go to those at the black market because they buy higher.

Banks buy dollar at #408/$ while those guys buy at #460-477/$

I even sense that $0 is higher that zero Naira

Henrydonland:
They are only depreciating naira value.But wait I forgot naira doesn't have value again .

You are correct. From the look of things naira would depreciate further this year. It may touch 600/$

thebosstrevor1:


That is because when you receive money through domiciliary accounts, it is not seen as remittance. That is bank to bank transactions

International money transfer organization is all about remittance and the cbn naira to dollars promo is for only remittance

You are the only person here who have given a better and more comprehensive explanation with respect to the term" remittance" of the CBN Dollar-for-Naira policy.....

I also wish to ask, can payment from international online betting sites (e.g Bet365 that pays in Dollars, Euro and pound) be regarded as remittance

Thanks in anticipation of your answer,...

tit:


then efcc go come catch you for night

hahahaha.........the EFCC coming to catch him at night ..... got me laughing so hard ......

LilMissRobbie:


Look at someone that I'm trying to save from being scammed. Go ahead and part wit your money. Sorry for bothering you, do have a nice day.

Feminist want to be in spaces prominently men and than whine and complain. Why not go to female lead forums where your future is bright?

I can handle this on my own..

Gobdddd:
CBN no get sense.

Scene 1

U send me $100, I go amawusa, change am for #480, being #48,000

Scene 2

U send me $100, I go bank collect am for #360, being 36,500. Then you also give me #5 for every one USD, being #5000.
36,500+5000=41,500.

As a Nigerian, Which one you go choose?

Mumu CBN

Your calculation is not correct. You get N500 for $100

Henix:


How much is dollar at black market, and how much is the bank's exchange rate? I don't think N5 incentive is enough for people to stop taking their dollar to the Aboki at black market

$1000 at bank rate = ~388, 000
$1000 at black market = ~480,000

You decide if it's worth it.

racerve:


Why would anyone stress themselves going to queue up in the bank, only for them to tell you no dollar.

You try other banks, until you find one that can pay out.

Afterwards you go look for aboki. Aboki gives you Naira, then you go back to the bank for another round of queuing to deposit the money in your account.

All this stress for N5?

When I can fund my Binance account with USD and do P2P. Within 15mins I have the Naira in my bank account.

If Buhari is serious about increasing FX inflow, he would unify the exchange rate. No reason why banks can't convert FX remittances (at the market rate) and deposit the Naira equivalent in customers' account.

But he won't, because his fellow Aboki are the ones running BDCs.

how do you credit with USD pls orientate me

Naviystiles:
how do you credit with USD pls orientate me

In my own case I'm transferring money to myself from my foreign bank account. I deposit Euros in my Binance account via bank transfer, then convert to USDT.

If I'm sending to someone else, I ask them to create a Binance account, and then transfer the tokens from my account to theirs.

racerve:


In my own case I'm transferring money to myself from my foreign bank account. I deposit Euros in my Binance account via bank transfer, then convert to USDT.

If I'm sending to someone else, I ask them to create a Binance account, and then transfer the tokens from my account to theirs.

you have a foreign account? Not just a normal dorm bank account

Naviystiles:
you have a foreign account? Not just a normal dorm bank account

Yes.

Although if you want to fund your account from Nigeria, you just have to take the same steps in reverse: buy USDT with Naira via Binance P2P.