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Nairaland Forum / Nairaland / General / Business / Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN (23711 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 BoldBrainz(m): 8:53pm On Aug 11, 2023 |
bigtt76: This is impressively detailed, and I appreciate the effort you committed into putting these words down. However, just out of curiosity, can you kindly help inundate me with at least two of those operational platforms facilitating the P2P diaspora remittances that are effectively sidelining the banks and licensed financial houses? |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by yemmywesey(m): 8:55pm On Aug 11, 2023 |
They should cancel the Naira, we should be spending the dollar. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by bigtt76(f): 8:57pm On Aug 11, 2023 |
There are many out there like Remitly, OhentPay etc... Just do a search and you will see them. BoldBrainz: |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by PaulH07: 9:31pm On Aug 11, 2023 |
turmacs: Let me see your punana shout Halleluya! 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Slymontee: 9:34pm On Aug 11, 2023 |
turmacs:We raised alarm when an Engineer was appointed CBN governor, just because of tribalism. Now the economy is on a free fall like a bridge built by quack engineers! |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by skj1377(m): 9:48pm On Aug 11, 2023 |
Lies. Stupid excuse |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by AlabiKILLER2021(m): 9:51pm On Aug 11, 2023 |
clockwisereport: Well deserved Man's legend |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by LEGHEND(m): 9:53pm On Aug 11, 2023 |
turmacs: All will eventually finish...dey play |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by KingRoiz(m): 10:47pm On Aug 11, 2023 |
I hereby apply to be your gym instructor and relationship coach. You and your rich boyfriend, he'll marry you after I finish work.... turmacs: 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Phantom233: 11:59pm On Aug 11, 2023 |
Super story don start.... |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by grandstar(m): 1:30am On Aug 12, 2023 |
Birikiti: Why not first condemned the old system and demand an improvement on the present one? Until a new minister of finance has been appointed and a very competent head as well for the CBN as well, things will remain shaky! There's still possibility of the Naira strengthening in value. There was a time in 2017 when the Naira had dropped to 520 to a dollar and rebounded to 365 where it stood for about 3 years. So, not all hope is lost. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by BOYS2MEN: 4:34am On Aug 12, 2023 |
Another incompetent SADWASTE fast CBN governor....na so so excuse this OLODO just dey give since him enter office ..just dey play blame games since...I thought the druggie and his followers said he was the best for the job...las las emefiele would be a better option than these OLODO of SADWASTE nlfpmod: |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by BOYS2MEN: 4:35am On Aug 12, 2023 |
Another incompetent SADWASTE as CBN governor....na so so excuse this OLODO just dey give since him enter office ..just dey play blame games since...I thought the druggie and his followers said he was the best for the job...las las emefiele would be a better option than these OLODO of SADWASTE nlfpmod: |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by c900: 5:42am On Aug 12, 2023 |
Ban bureau de change. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by LegacyB: 5:55am On Aug 12, 2023 |
turmacs:What an achievement! |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Ebowo(f): 6:39am On Aug 12, 2023 |
wittywriter: Is it e-mail copy writing n freelancing? |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by masseratti: 8:09am On Aug 12, 2023 |
Reference:i tire ooo.. This folks at CBN just like Nnpc folks thinks we all are fools, why float the naira and still have a so called I&E window, the CBN should hands off dollar trading.. Let the IOCs the largest dollars earners in the country sell directly to banks at Aboki rates... Everything will stabilize immediately, the demand on dollars will go down by nothing less than 40%. Right now it's still like subsidy some people are profiteering from round tripping. 2 Likes |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Ebowo(f): 3:27pm On Aug 12, 2023 |
wittywriter: 0706@36@05@37 |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Ebowo(f): 9:54pm On Aug 12, 2023 |
wittywriter: Sorry o!07063605637 |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by IbeOkehie: 1:07pm On Aug 13, 2023 |
Important info for all to read!!! “We can’t do without diaspora remittances. For many countries, that’s their main source of income.” - Fola Shonubi, CBN Governor. Good to see an official admission of what everyone knows. Diaspora remittances is the main factor sustaining the Nigerian economy. It's bigger than the budget of the Federal Government and also has greater spread. The ONLY solution to the forex crisis is a COMPLETE float of the naira. Abolish ALL forex controls. Remove the Federal Government from the market, let Nigerian exporters sell their forex at whatever price they want to whomsoever they want. It has been done with fuel, it can be done with forex. The economy will adjust over time and become more productive as importation becomes more expensive. Good Luck to Nigeria. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by haybhi1(m): 1:28am On Aug 17, 2023 |
masseratti: Followed your posts. Kudos for your intelligent list of submissions. However, I have a question. Your proposal/theory seems to have a weakness. Just like the subsidy removal has led to sustained inflation and hike in fuel price, the abolishing of I & E window and uniform price of dollar will like likely cause increase in its price. This is because people with the dollars will hoard it and manage to still control the price. And Nigerians, being who we are, will scramble for the $ currency, ensuring even more scarcity, thus driving up more inflation per se. It may even reach 1k quicker. You have a diverse say? |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by masseratti: 10:11am On Aug 17, 2023 |
haybhi1:good morning.. Am honored by your words. Now to your question, one of the best way has scientist is to try out different type of experiment till you get it right, dollars is not a legal tender in the country, just like we had hoarders and black marketers with smugglers in petrol.. People who had no business holding on to the dollars won't hold on to it because by then it will be of no profit holding on to it for them. The I & E window currently has it is will be subject to abuse, they is no way of stopping that. The subsidy removal didn't cause inflation on its own. Our people in Government or in CBN refused to learn from history, what was the cause of subsidy in the first place?àb initio.. It was the fall of naira to the dollars and lack of working refinery, now we have the Dangote refinery coming up, why is our refinery not working.. It's simple Govt has no business doing business, it's better the 3 refinery is sold off and let the IOCs manage them, Govt can only regulate and make sure there is no monopoly.. Just like in the telecom industry, also subsidy was implemented to have a uniform price of fuel all over the country, but now we have realized that it's not possible to do that, the cost of transportation will be bear by how far from the location of production. If the CBN or IOCs, Banks buys $ at the rate aboki also buys do you think anyone will waste his or her time to patronize an aboki on the road? No.. They will go out of business it's as simple as that, they claim we use to do 40m barrels per day during subsidy.. Now we hardly do 25 m per day. 1 Like 1 Share |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by haybhi1(m): 5:03pm On Aug 17, 2023 |
masseratti: There's enough justice here. Thanks. I appreciate your brilliance. |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by masseratti: 7:08pm On Aug 17, 2023 |
haybhi1:thank you very much I appreciate you.. God bless. 1 Like |
Re: Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN by Konquest: 6:26pm On Feb 20 |
nlfpmod:The Central Bank of Nigeria (CBN) has attributed the free fall of the naira against the dollar to the diversion of diaspora remittances to the parallel market. Folashodun Shonubi, CBN acting governor, spoke while delivering a lecture titled ‘Diaspora Remittances and Nigeria Economic Development’ at the National Institute for Security Studies in Abuja. TheCable had reported that the naira tumbled to an all-time low of N950/$ at the parallel/black market on Thursday — two months after the currency’s float. Meanwhile, at the investors and exporters (I&E) window, the naira appreciated slightly by 0.13 percent to close at N781.34/$. Speaking at the event, Shonubi said a lot of diaspora remittances arrived in Nigeria in dollars and end up in the parallel market without being officially documented. “With those remittances, the dollars have come in, we know the dollars have come in but we don’t see them in the official system. So, they must be going somewhere and somewhere,” Shonubi said. “And the challenge with the black market, unofficial market or parallel market or whatever name you want to call it, it is not regulated, and it becomes an easy place to have criminal activities. “We investigate bankers, not just bankers, anybody who has committed an offense, the first thing they want to do is to run to the black markets, change it to the dollars because it is less money to carry around. “Some of the funding in the black markets are actually from diaspora remittances. That’s why it important we need to know a lot of what’s going on there. “We can’t play the sentiment game. If we don’t understand the dynamics, we usually go with the literature which does not necessarily work for us.” Shonubi said the amount of inflows coming through many unapproved channels and eventually ending up in the parallel market contributed significantly to Nigeria’s foreign exchange (FX) crisis. He said that implementing measures within the country to manage illicit remittances and detect these channels would be beneficial. This, he said, would ensure remittance flows into the proper channels, and harness maximum benefits to grow the economy. “We talk about black markets, which also create their own problems. Management of the foreign exchange market and the efficacy of our policies to manage the exchange rate becomes difficult due to the insignificance of our diaspora remittances which are going to other markets,” the CBN boss said. “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 don’t know the basis of pricing in the black markets. “The other thing people don’t realise is that, because you don’t have full information, and I will give you an example since we started the I&E window. We found out that some people would deliberately wait until the last minute and do one transaction of $5,000 and that becomes the closing rate. “We can’t do without diaspora remittances. For many countries, that’s their main source of income.” |
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