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Nairaland Forum / Nairaland / General / Business / Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN (23655 Views)
International Remittances To Nigeria By State/Household - Statisense / Stock Market Weakens By 0.35% As Buhari Presents 2019 Budget / CBN Weakens Naira To 307/dollar For First Time (dailytrust) (2) (3) (4)
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Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Onyiiobi7735(m): 4:29pm On Aug 11, 2023 |
The season 2 of blame game is currently on in this administration. 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by david22uu(m): 4:29pm On Aug 11, 2023 |
And they said they are going to close the gap between th parallel market and official market... now he his saying he doesn't know what the parallel or black market is.... Shamefull 10 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Ofunaofu: 4:29pm On Aug 11, 2023 |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Ikamandoncome: 4:30pm On Aug 11, 2023 |
Abeg make Una leave black market alone,na there we dey enjoy better rate for USD. I enjoy selling my usdt on binance,very good place for selling my usdt.Good rate. 3 Likes 1 Share |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by babzo(m): 4:30pm On Aug 11, 2023 |
Really? Shouldn't that increase supply? 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by KaptainAfrika: 4:30pm On Aug 11, 2023 |
Pure B*llshit. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by clockwisereport: 4:30pm On Aug 11, 2023 |
Rubbish Meanwhile, congrats to Aka Eze Aka on his appointment as the commissioner of Information, Enugu state 2 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by 43Ronin: 4:30pm On Aug 11, 2023 |
lol. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Krucifax(m): 4:31pm On Aug 11, 2023 |
[b]The Naira is on a permanent downwards trajectory. The reason is very simple. Supply and demand. This is economics one o one that even a child understands. We are an overly importation reliant economy. Which mean most of the goods we consume are imported into the country. The same goods are also purchased in US Dollars which is the international trading currency. For this reason there is always high demand for dollars. This high demand for dollars means people will pay almost anything to get it. The real problem is then that we have a dollar scarcity. We have dollar scarcity because we do not export enough goods and service to generate US Dollars back into the economy. The fix for this problem is impossible to fix overnight due to many years of poor governance and failure to develop a thriving industrial, manufacturing and export economy. The failure is from government incompetence and the people's failure to elect good useful leaders. Nigeria for many years relied mainly on oil revenue and failed to properly diversify the economy like their counterparts in the middle east. A thriving industrial sector takes many years to develop and requires things like steady electricity,access to venture capital, good regulation to ensure internationally acceptable standards for our goods amongst many other things. Unfortunately due to mass ignorance, tribalism, religious and ethnic sentiments we are never able to provide good leadership. As such the right decisions are never made. As such we are all sleeping in the bed we collectively made by our actions and inactions. This is my future prediction for Nigeria based on current trajectory. 1: Massive population growth 2: World record unemployment 3 Massive crime growth 4:World record poverty 5: Sustained insecurity due to regional conflicts 6: Sustained political instability 7: Millions of unemployable due to advent of business automation reducing worker requirement, Artificial Intelligence replacing jobs, Climate change reducing arable land and reducing farmers number These factors are all tied to each other and are inevitable. However the positive note would be small pockets of growth for people with access to capital, few states with competent governors enacting policies to help a few thousands cushion the coming suffering, youth innovation in media. Make no mistake Hell is coming for the world at large due to Automtion,AI and Climate change. Advanced economies will absorb this better due to worker protection policies and social welfare. However countries like Nigeria that refuse or are unable to change will suffer the most. Its envitable. The best you can do is to prepare yourself and children as best you can for the coming tide.[/b] 5 Likes 1 Share |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by djon78(m): 4:32pm On Aug 11, 2023 |
jmoore: Imagine his nonsense talk Diaspora remittance learnt lesson from Emefiele greed He hijacked the dollars from overseas Doing crazy scam with it They should go and consult chukwuma soludo and Emir Sanusi to tell them how they did it during Obj Yaradua Jonathan era 2 Likes 2 Shares |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by onlyboyson(m): 4:32pm On Aug 11, 2023 |
When ever they fail ,they blame it on each other fools 2 Likes 1 Share |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by BoldBrainz(m): 4:34pm On Aug 11, 2023 |
Shonubi has been talking nonsense for about a week now!! To the best of my knowledge, there is no medium of remittance from the Diaspora that is outside the various operating windows run by banks and financial institutions. There's no way you can lay hands on dollars sent to you from a sibling abroad, if you don't walk into a banking hall. All the flutterwave, Remitta, etc.., run transactions across borders, yes. But they basically deal with numbers, where you stand to receive alerts into your Nigerian accounts or domiciliary accounts, as the case may be. But there is no channel that hands over paper currency to an individual as proceeds from diaspora remittance, if not banks and other money houses. So what's this load of garbage this clown is vomitting?! 9 Likes 3 Shares |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by triplo3: 4:35pm On Aug 11, 2023 |
This man is worse than Emefiele oooo. The other day he said FX unification is not his goal. Today, he is saying what should he do about black market rate? I remember pre-Buhari admin, the official FX was stable and difference with black market was less than 3%. 5 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by FreeStuffsNG: 4:36pm On Aug 11, 2023 |
nlfpmod:Just fox the problem and jail those who need to be jailed like Sanusi Lamido did. You're the CBN Governor, you can do it. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Kukutente23: 4:36pm On Aug 11, 2023 |
Today, someone called me privately and said that this thing (naira) has gone up to some levels in the black markets, my question was, what do you want me to do? Do I operate in the black markets? I donโt know the basis of pricing in the black markets. See the rubbish this man is saying? If you have no control in the black market nor operate and regulate the market, why did you then go with the idea by Tinubu to devalue the currency to merge with the black market rate? Is it not olodo idea to expect black market to obey your laws when you have no control over them? Your see how this people are deliberately destroying our currency simply because they have stored so much in dollars? 3 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Jeffyblaq(m): 4:37pm On Aug 11, 2023 |
The Muderfucker said "what do you want me to do? ๐ค๐๐คฃ๐ Oh my goodness ๐ฎ๐๐ Please make una help me greet Dr Unago C. Shege. Bar, Unaneva C. Enitin. Esq. I salute you guys๐โโ๏ธ 5 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Leebeedo(m): 4:39pm On Aug 11, 2023 |
So a whole so called giant of Africa is dependent on diaspora remittances for its foreign exchange earnings and not export of finished products? Until you lot do what is right by increasing export, naira will continue to fall, it's just that simple! 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Femidfo: 4:41pm On Aug 11, 2023 |
See Lazy Excuse !! 3 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Acidosis(m): 4:41pm On Aug 11, 2023 |
Today, someone called me privately and said that this thing (naira) has gone up to some levels in the black markets, my question was, what do you want me to do? Do I operate in the black markets? I donโt know the basis of pricing in the black markets. Hahahaha ๐คฃ๐คฃ๐คฃ๐คฃ 3 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by MT: 4:41pm On Aug 11, 2023 |
jmoore: Don't forget most of these individuals get lot of dollars via Form A which the FG subsidised. So, the loyalty to the country that helped in the time of need has evaporated so soon? 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by sihamey: 4:41pm On Aug 11, 2023 |
We are facing too many issues in this country cause by wrong policies. Two major thing that truncate the economy of this nation is fuel and dollar rate. I was thinking he has plan to produce dollars and make it available to banks when he floated it. Common to withdraw $200 in my bank I visited 2 branches before I was able to get paid yesterday. Tinubu think by floating the dollar miracle will start happening. Economic wise is not right to remove fuel subsidies and devalue Naira at same time knowing fully well oil marketers purchase oil with dollar and the more Naira is devalued the higher the price of PMS. I can even rule this country better than Ebola 4 Likes 1 Share |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by optimusprime2(m): 4:42pm On Aug 11, 2023 |
Another very very Stooooopid Excuse/Theory... At this rate, even if a mosquito takes a bath or NEPA cuts power, the mechanical engineer who is the CBN governor will say it's weakening the Naira. Abeg make pesin hear word joor... Nawnsense! if Economy don scatter, e mean say e don scatter... stop blaming anything. Na today black market been start to dey collect dollars? The whole Naija wahala don vex me mheen. ***note*** This is just the beginning, the dollar is definitely going to cross 1000Naira before this month ends, at this rate. And that has nothing to do with remittances. The Economy is just in shambles as a result of very poor policies- period. 3 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Elev82014: 4:42pm On Aug 11, 2023 |
Mr. CBN governor, please STOP whining and complaining about diaspora remittances. If you grow your damn economy, everything else would fall into place. All your crooked politicians and your quota system billionaire, Aliko Dangote who are buying up the $$ from the same CBN at a very low rate and then selling them at a very exorbitant rate to the parallel market dealers are the problems. 2 Likes 2 Shares |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Poske95(m): 4:42pm On Aug 11, 2023 |
Clueless head of finances.... Diaspora remittances, my foot..... Like hustle money, olosho money from Italy, drug money sent back home.....etc What about what should be taking place here to stop the diaspora movement and focus on creating the dough back home.....? 2 Likes 1 Share |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Morbeta11(m): 4:43pm On Aug 11, 2023 |
turmacs: Is that all.....you are still poor if that is all you have. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by linearity: 4:46pm On Aug 11, 2023 |
So he want diaspora visiting the country or who send money back home to their families to take their dollars and foreign currencies to the bank and get N450 on each dollar instead of the street and get N950? Approximately 100% instant lost in value! If na him money he go fit do am? Nonsense and clueless people! Can that same Nigeria walk into that same bank, give them N450 and get $1 back? Make liquidity available to everyone at the bank and no one would go to the black market, it will die a natural death! 5 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by ChristineC: 4:47pm On Aug 11, 2023 |
you can't do without diaspora remittances but the same diaspora cannot get a platform to vote. when they talk about diaspora voting, you guys mock it because you never want the exposed to have a say as it will be an informed choice. rubbish 2 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Kukutente23: 4:49pm On Aug 11, 2023 |
BoldBrainz:Pity him. He's basically saying parallel market rate pass me o |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by chaloskyx: 4:49pm On Aug 11, 2023 |
Oh now its the turn to blame the innocent peiple in the diaspora who send money down as subsidy to help their people back home cayse the Nugerian government have refused to assist in incresing minimum wage and their standard of living through sustainable development projects. funny thing is the amount of money these politicians move overseas is greater than what the diasporians sends back home bunch of thieves. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by emmybobo1: 4:50pm On Aug 11, 2023 |
BoldBrainz:Truly, I have been trying to understand what his point is. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by saysoo: 4:50pm On Aug 11, 2023 |
I thought they said their policies has saved 1Trillion naira? |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by koladata(m): 4:50pm On Aug 11, 2023 |
i swear the thing weak me too o , "what do you want me to do" Ruling this country is not a rocket science o this people just don't want to do anything. you said you saved 1 trillion naira in one month , that's about 1.5 billion dolloars, 1 airbus cost around 100 million dollars, which means this money can buy 15 airbus , then kick start nigerian air and make dollars into the economy To scrab black market is not even hard, make enough dollars available for people at the bank, at any volume and at anytime, inshort make it so easy that i don't have to step into bank, if i can change dollar at the comfort of my house into inside my dom account, watch how people will stop patronizing black market. Jeffyblaq: 1 Like 1 Share |
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