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Why Do People Buy USD Cash In Very Large Volumes - Business - Nairaland

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Why Do People Buy USD Cash In Very Large Volumes by GreaterFuture3: 3:29pm On Apr 21, 2021
Why do people buy US Dollars in millions and millions especially when you can't deposit it in a Naija Dorm account and Use abroad.

And why is buying in Tens of Millions still so Expensive a rate? Cash or Not.
You buy 20M USD, and it's 480/$ rate, how and why?
Re: Why Do People Buy USD Cash In Very Large Volumes by Nonso92(m): 3:44pm On Apr 21, 2021
Follow who know road oo, make you no go loss
Re: Why Do People Buy USD Cash In Very Large Volumes by RedDesQ: 3:46pm On Apr 21, 2021
Some businesses have to be outside the radar of CBN. Many reasons, illicit deals, arms purchase, drug purchase etc
Re: Why Do People Buy USD Cash In Very Large Volumes by GreaterFuture3: 4:42pm On Apr 21, 2021
RedDesQ:
Some businesses have to be outside the radar of CBN. Many reasons, illicit deals, arms purchase, drug purchase etc
Are there no legal one at all, atleast not directly in Crime
Re: Why Do People Buy USD Cash In Very Large Volumes by RedDesQ: 4:50pm On Apr 21, 2021
GreaterFuture3:

Are there no legal one at all, atleast not directly in Crime


Gems. Crude
Re: Why Do People Buy USD Cash In Very Large Volumes by GreaterFuture3: 4:57pm On Apr 21, 2021
RedDesQ:



Gems. Crude
Where they must use USD in Cash?
I would think that those ones would prefer Inflow/transfer
Re: Why Do People Buy USD Cash In Very Large Volumes by GreaterFuture3: 6:20pm On Apr 21, 2021
RedDesQ:



Gems. Crude
Also, why are the rates always so exorbitant, very little difference from Abokis in the street.
At 10M (₦4B plus), one Should be able to get a better rate
Re: Why Do People Buy USD Cash In Very Large Volumes by RedDesQ: 6:27pm On Apr 21, 2021
GreaterFuture3:

Also, why are the rates always so exorbitant, very little difference from Abokis in the street.
At 10M (₦4B plus), one Should be able to get a better rate


Because those guys close to the heart of the government do not get the same rates as the ones that are easily accessed.
Re: Why Do People Buy USD Cash In Very Large Volumes by GreaterFuture3: 6:37pm On Apr 21, 2021
RedDesQ:



Because those guys close to the heart of the government do not get the same rates as the ones that are easily accessed.
But if you go through bank, you can get at Official rate, or something close. but the volume is not high at all, that's all
Re: Why Do People Buy USD Cash In Very Large Volumes by RedDesQ: 6:39pm On Apr 21, 2021
GreaterFuture3:

But if you go through bank, you can get at Official rate, or something close. but the volume is not high at all, that's all


As I stated for different reasons some transactions are not to go under the radar of EFCC. OR THE BANK. some of the funds are also stolen funds from politicians etc
Re: Why Do People Buy USD Cash In Very Large Volumes by GreaterFuture3: 6:58pm On Apr 21, 2021
RedDesQ:



As I stated for different reasons some transactions are not to go under the radar of EFCC. OR THE BANK. some of the funds are also stolen funds from politicians etc
Yes, The last part, that one I know very well
Re: Why Do People Buy USD Cash In Very Large Volumes by akintola12(m): 9:35pm On Apr 21, 2021
Some purposely for investment

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