I read a piece of news recently about several Fintech positioning themselves as intermediaries of FX from Nigerians in the diaspora. Yes, that’s exactly what is happening. Let's take Canada for example, 90% of Forex remittance from Nigerians hustling in this country is being controlled by Africhange and Lemfi. And what is the architecture of their solution? Sending money here in Canada is mostly by interac email transfer. In other words, you send money from one account to another using your registered email. Hence, this fintech has app designed to link your registered interac email with their app and once you transfer from this email to their email address, your app is automatically credited with the amount transferred. With the money on your app, you can then remit to Nigeria in naira using the exchange rate arbitrarily arrived at by these fintechs. Such remittance will be settled via third-party fintech like Paga or MFB. My question and basis of argument here is why is it hard for Nigerian banks to tap into this flexible remittance model? Why is it hard for these banks to design diaspora banking that is tailored to the needs of major bases of Nigerian diaspora like UK & Europe, USA, and Canada? Until these initiatives are taken by banks, diaspora remittance will continue to be an exclusive of FINTECHs.

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do you await cbn to print dollars themselves....??

because i dont understand this question....

una craze for dollars is what is drivin the price up....
how hard is that to understand....??

I agree with you that both Nigeria banks and the CBN are part of the problem we are having with the Forex. I read recently where someone in government /CBN is complaining that 80% of Diaspora remittances is been diverted to other countries and as such not reaching Nigeria. I am surprised that they are not ashamed to voice this out.
What stop the CBN and the Nigeria banking sector from developing an international money transfer infrastructure with secure App that runs on the infrastructure to curtail such problem? According to the World Bank, Nigerians remit about $20 billion home annually. If 80% ($16 billion) is been diverted, why not budget about one to two billion dollars to build a secure systems that will eliminate such diversion?
Iran, Russia and North korea are surviving and getting hard currencies under heavy international sanctions and we are complaining about problem cause by simple financial technology apps.
What a shame?

I think this is far more complex that it appears.

The apps you mentioned exchange dollars at black market rates. CBN doesn't permit Nigerian banks to do that.

Even if CBN creates a similar app, its rates will be at official rate which is usually around 25% less than black market rate. Naturally people prefer black market rates so they won't use CBN's app.