Kosoco:
What are ATMcards for.

For playing TABLE TENNIS!!!

backbencher:
Can someone explain what or why he needs over 1000 ATM cards?

I'm serious.

It's simple. They use it to do forex business. They get stooges to go to different banks to get ATM cards, pay them a little something, and collect the cards (very easy to do in the North, for obvious reasons). The accounts are funded in Nigeria, withdrawn abroad, and FX sent to Nigeria or sold to travellers abroad. It's a syndicate, but by and large, that's how it works.

backbencher:
Can someone explain what or why he needs over 1000 ATM cards?

I'm serious.

It's used by Bureau d change operators to get forex....
When they get to Turkey or wherever, they make withdrawal at the market rate..get the Euro, bring it back to naija and resell to u and I at black market rate.....surely make a decent profit from it especially if d said naira was looted

bolaayenimo:
This one pass Abass Ramoni Hushpuppi, Obi Invictus and Abba Kyari combined together

Abass Abdul-RAMONI OLUWAHUSPUPPI

Walkee:
terrorism most likely. What would a scammer be doing with that number of cards? Scammers would have copied out the numbers and dumped the cards.
Maybe they were going to distribute them to terrorists

Forex not terrorism. Take the money in USD atm mechine at bank rate, trade at 560 black market.

treesun:


One thousand, one hundred and forty four.
The only place I can remember this figure is in the Book of Revelations!

The one in the Book of Revelation is One Hundred and Forty Four Thousands.

On a normal day EFCC will cover dis since is a northerner bt e be like say dis guy case get K-leg

Oizee:
What's amusing that one?

him no say the ogas for top go release am soon

Kosoco:
What are ATMcards for.

Round tripping of dollar

He can extract $200 from each card at rate of #413 in Turkey.
With 714 cards, that's $142k. This can then be transferred back into his account, which he will then sell at black market rate at #560 on returning to Nigeria

madridguy:
EFCC and media trial as usual. Where are the bankers that arranged the cards for them?

I'm sure someone pointed these guys before average security official at the airport are out there for their pocket.

Because say na abokis u remember media trial...

I will say this again, Nigerians r all evil.

To go and cash out $100 or $200 each? Because I don't understand the madness

fergie001:


SOURCE

Imagine

pizapato:


Round tripping of dollar

He can extract $200 from each card at rate of #413 in Turkey.
With 714 cards, that's $142k. This can then be transferred back into his account, which he will then sell at black market rate at #560 on returning to Nigeria

ArewaNorth:


One of the very few people who understand the reason for using so much ATM since this kind of issues started trending in the North around 2016.
Many people think otherwise but there are kind of illegal FOREX that fetch so much profit in this schemes.
Sometimes they'll ask youths to open particular bank accounts and get them verve card only, sometimes master card, sometimes they'll ask for defunct Diamond unexpired ATM cards.

Very very terrible.

backbencher:
Can someone explain what or why he needs over 1000 ATM cards?

I'm serious.

Terrorists use it a lot to ferry cash...

Yankee101:
When you can't get fx for your needs people go to extremes

Ok, I'm trying to understand the whole thing...
I see you know how it goes, pls explain...

Aboki don upgrade.

Congratulations aboki Don dey learn work..SMH

madridguy:
EFCC and media trial as usual. Where are the bankers that arranged the cards for them?

I'm sure someone pointed these guys because average security official at the airport are out there for their pocket.

Illiterate
How is this media trial?
Why not tell the news media to stop reporting EFCC activities?
Orzuor

GreaterFuture:

Ok, I'm trying to understand the whole thing...
I see you know how it goes, pls explain...

So they want to buy goods and services from abroad but can't get the money from the CBN, instead of using aboki they use plenty cards to access the 200 maximum USD transaction allowed on naira cards

The maximum fx per card per bank is $200 per month.

At an exchange rate of $413

So if he goes with 1000 cards, that's 1000×413×200 = N82,600,000

If he had bought that equivalent from BDC which is 1000× 550 × 200 = N110,000,000

So for every 1000 cards he saves 110,000,000 - 82,600,000 = N27,400,000

pizapato:


Round tripping of dollar

He can extract $200 from each card at rate of #413 in Turkey.
With 714 cards, that's $142k. This can then be transferred back into his account, which he will then sell at black market rate at #560 on returning to Nigeria

wow... thanks for this enlightenment

joeking2222:

For playing TABLE TENNIS!!!

dunnes

They withdraw monthly allowable dollar from ATMs abroad at official rate and sell at Aboki rate either abroad or in Nigeria after sending it through western Union.

Same thing to bankers who ‘buy up’ un utilized $4,000 threshold of BTA of students going abroad for study. They alter the teller after the student would have left or they either meet the student to allow them use his/her remaining threshold to buy the dollar at official rate and then go and sell to those mallams

backbencher:
Can someone explain what or why he needs over 1000 ATM cards?

I'm serious.

They will be debited at the rate of N470/$1 in their Nigeria bank account when they use the cards abroad on ATM. If what they have is a signature card, they will withdraw up to $2000 limit per card and sell the dollar to black market at N570. The money will be added to another card and so on.

The profit on each card could go as low as N6,000 for regular card and N180k per signature card. Do the math!

membranus:


The one in the Book of Revelation is One Hundred and Forty Four Thousands.

Thanks, not much of Bible memoriser, but knew I have seen something like that.