₦airaland Forum

The Federal Government said Diaspora home remittances in 2022 stood at US$ 21.9 billion through official channels. Nigeria's President, Bola Ahmed Tinubu, said this at the 17th annual National Diaspora Day (NDD), 2023, at the Conference Centre, Presidential Villa, Abuja, on Tuesday.25 Jul 2023.. this amount is higher than our full year budget.. so where is all the FX going to?

Black market.

The recipients collect it from the bank and exchanged it at the parallel market. The billions of Dollars are in people's homes and that's why there's scarcity.

😵‍💫

Direct your question to tinubu goons

Nigeria is such a criminal state. The managers create artificial scarcity of FX to create avenue for them to make money.

You can imagine that, as per CBN report, during Buhari administration, some people were buying FX at least that _₦10/$ under a subhead called "invincible" while same was exchanging for over ₦400/$

unscripted:
The Federal Government said Diaspora home remittances in 2022 stood at US$ 21.9 billion through official channels. Nigeria's President, Bola Ahmed Tinubu, said this at the 17th annual National Diaspora Day (NDD), 2023, at the Conference Centre, Presidential Villa, Abuja, on Tuesday.25 Jul 2023.. this amount is higher than our full year budget.. so where is all the FX going to?

What's your business with where the fx went to, do you want government to force them to convert it or what?

Remove your eye from people money.

psucc:
Nigeria is such a criminal state. The managers create artificial scarcity of FX to create avenue for them to make money.

You can imagine that, as per CBN report, during Buhari administration, some people were buying FX at least that _₦10/$ under a subhead called "invincible" while same was exchanging for over ₦400/$

Lol hmm N10
Then emefewele needs to be dealt with.

unscripted:
The Federal Government said Diaspora home remittances in 2022 stood at US$ 21.9 billion through official channels. Nigeria's President, Bola Ahmed Tinubu, said this at the 17th annual National Diaspora Day (NDD), 2023, at the Conference Centre, Presidential Villa, Abuja, on Tuesday.25 Jul 2023.. this amount is higher than our full year budget.. so where is all the FX going to?

Nigerians have bought it from black market to trade Forex and buy Bitcoin and have lost it. I don't know who do us

psucc:
Nigeria is such a criminal state. The managers create artificial scarcity of FX to create avenue for them to make money.

You can imagine that, as per CBN report, during Buhari administration, some people were buying FX at least that _₦10/$ under a subhead called "invincible" while same was exchanging for over ₦400/$

What is the source of this your information, barber shop and BetNija shop I guess

Lifestone:
What is the source of this your information, barber shop and BetNija shop I guess

The last time I checked, Google was still open and yielding results for every query.

Don't just wait for sauce or sausage

Birdbyrde440:
Lol hmm N10
Then emefewele needs to be dealt with.

Just google it. It is a CBN report

I believe it's true close to 21 billion usd flower into the Economy last year.
The truth is these information is verifiable,not some data that was brought from nowhere.
All you need to do is ask all the banks to produce their foreign remittance through their various channels like western union, remitly,world remit e.t.c.
There are also fintechs apps like flutterwave, paystack that allow remittance in Usd.
When you add all these payments,you can actually determine the amount that was sent to Nigeria.
Back to your question,the truth is almost 90% of these payments end up in the hands of the local Bureau d change hausa guy on the street of Nigeria.
You will be amazed at how much foreign currency flows to these guys everyday,I keep saying if you remove foreign remittances in Nigeria,the naira will be around 2000 to a Usd.
Ask yourself the question,have you met anyone who collected payment through those foreign remittances channel and changed it in the bank.
I believe it's time for Government to work with these Local Bureau d change and figure out a way to regulate the amount they buy and sell these foreign currencies.
Still selling LAND in my Estate @ Ibeju-lekki
https://www.nairaland.com/7905580/introducing-silvergate-estate-ibeju-lekki
God bless Nigeria.
Still sell

psucc:
The last time I checked, Google was still open and yielding results for every query.

Don't just wait for sauce or sausage

Laughing. There no such thing on Google. Maybe you want Google to search your mind !
I'm worried because innocent people can take this trash as truth, that's why I want you to put your source so I can learn as well