₦airaland Forum

VanuatuWycombe:
Lobish. It’s because of Sallah festival spending, not because of CBN reforms.

Na so e dey be for Christmas and new year period too.

E go dey low, a month or two, after Sallah and Christmas/new year celebrations.

humberjade:
Well, the increase in remittance is not far-fetched, it is as a result of the hyperinflation affecting the Nigerian economy. For example, a mother you used to send 200k to for monthly upkeep now needs triple of that to sustain her upkeep from a year earlier.

Also in the same vain, those in the diaspora too needs to work like horses to meet up with these new demands and keep up with their own bills too.

E dey touch everybody so to a large extent, it is nothing to rejoice about.

So what did u gain by this negativity

humberjade:
Well, the increase in remittance is not far-fetched, it is as a result of the hyperinflation affecting the Nigerian economy. For example, a mother you used to send 200k to for monthly upkeep now needs triple of that to sustain her upkeep from a year earlier.

Also in the same vain, those in the diaspora too needs to work like horses to meet up with these new demands and keep up with their own bills too.

E dey touch everybody so to a large extent, it is nothing to rejoice about.

humberjade:
Well, the increase in remittance is not far-fetched, it is as a result of the hyperinflation affecting the Nigerian economy. For example, a mother you used to send 200k to for monthly upkeep now needs triple of that to sustain her upkeep from a year earlier.

Also in the same vain, those in the diaspora too needs to work like horses to meet up with these new demands and keep up with their own bills too.

E dey touch everybody so to a large extent, it is nothing to rejoice about.

allthingsgood:
l

Why is good news painful to you

VanuatuWycombe:
Not pained, bro.

It’s a misleading news.
I would like if CBN can share diaspora remittances for subsequent months after May with us and you would see what I mean.

What they just said was a political statement. It wasn’t the reason remittances improved in May.

Did it mean that before the CBN directors were sacked, Nigerians abroad were afraid that the directors will still their money or what?
CBN needs to share the trends, month-over-months, and year-over-year.

I am an advocate of a better Nigeria but is not good to mislead our people.

Ok you are saying its misleading news, but you have no evidence that its misleading. Where is your evidence that the figures brought out by CBN is wrong But If it was bad news now of kidnapping or bombs, you wont object but gleefully abuse the government. I just dont understand what you guys gain by being negative and pessimistic. The only thing you love hearing is bad news. Is there any witchcraft more than this.

allthingsgood:
Ok you are saying its misleading news, but you have no evidence that its misleading. Where is your evidence that the figures brought out by CBN is wrong But If it was bad news now of kidnapping or bombs, you wont object but gleefully abuse the government. I just dont understand what you guys gain by being negative and pessimistic. The only thing you love hearing is bad news. Is there any witchcraft more than this.

BreconHills:
Overseas remittances have outperformed capital importation for several years so it is a big deal. Added to the estimated $100bn sitting in domiciliary accounts, Nigerians will save Nigeria. It's in our hands not MNC's.

VanuatuWycombe:
I didn’t say it’s a bad news. I said it’s misleading.
Sharing subsequent data would disprove or confirm what I have said.

There is no direct correlation between sacking of CBN Directors and increase in remittances from diaspora.
It is good CBN shares more insight it feels it has which could have brought the improvement.

Were the sacked Directors the ones talking to our brothers and sisters abroad not to send enough money before?

I was lucky to have worked at CBN and also live abroad. So a could say, fairly, why diaspora remittances could increase during festive periods and drop, a month or two, after festive period.

humberjade:
Well, the increase in remittance is not far-fetched, it is as a result of the hyperinflation affecting the Nigerian economy. For example, a mother you used to send 200k to for monthly upkeep now needs triple of that to sustain her upkeep from a year earlier.

VanuatuWycombe:
I didn’t say it’s a bad news. I said it’s misleading.
Sharing subsequent data would disprove or confirm what I have said.

There is no direct correlation between sacking of CBN Directors and increase in remittances from diaspora.
It is good CBN shares more insight it feels it has which could have brought the improvement.

Were the sacked Directors the ones talking to our brothers and sisters abroad not to send enough money before?

I was lucky to have worked at CBN and also live abroad. So a could say, fairly, why diaspora remittances could increase during festive periods and drop, a month or two, after festive period.

allthingsgood:
So where is the said data? If you say its misleading, then bring the data to prove your point. He who asserts must prove
Also that you worked inCBN does not give you the right to make false accusations. Let us learn to cherish little victories. If you like relocate to neptune or jupiter, the only pleace you can truly call home is Nigeria. So quit the unnecessary hate and cynicism.

lionshare:
The data for January to may mentioned in the article posted by OP

VanuatuWycombe:
I have maintained that we need full data for the year and previous years, before we can believe or disbelieve what CBN said.

People abroad send more money in any month that comes before a festive month for their family and friends to sort out some financial needs.
The month after a festival, they send less because they have sent more in the preceding month.
The sacked CBN directors were not the ones making the money abroad. Why would they be the ones affecting the sending?

BreconHills:
Overseas remittances have outperformed capital importation for several years so it is a big deal. Added to the estimated $100bn sitting in domiciliary accounts, Nigerians will save Nigeria. It's in our hands not MNC's.

seguno2:
How is diasporan slave wages in the countries of MBCs equal to Nigerians saving Nigeria, instead of oyinbo hosts saving our lazy asses

RodgersAkpafu:
with the current crop of criminals in corridors of power
you are expecting "saving"?
lmaooo

VanuatuWycombe:
Brother. I still maintain: the data of January to May do not link the sacking to diaspora remittance improvement.
Do you want me too to attach you ni?

You are not my match, when it comes to attacking.
Please let’s forget about this, once and for all.

peekspot:
https://punchng.com/cbn-reforms-boost-diaspora-remittances-by-172m-in-a-month/

BreconHills:
Ok

Akinpresident:
Nonsense

So people sending their loved ones money home or people earning from their jobs abroad are now govt's achievements? 😂

If they want to reduce the pressure on the dollar, they should reverse all the evil the last administration did to FX transactions.
First, allow people to use their bank cards and make payments anywhere dollar is accepted. That's how it works before. If I can pay anywhere in the world with my card, why do I need to go collect physical dollars from the bank? This will make more FX available for importers and other bilateral activities.
Secondly, allow people to receive foreign currency sent to them in their local bank account. That's how it was before. Money I made from freelancing platforms were paid to my bank account directly at CBN's rate. Nowadays, you'll need a dorm account and then you'll go withdraw the physical dollar and start looking for aboki to give you naira and take the dollar. Nonsense if you ask me.
Revert the era of receiving dollar in your naira account. Why do I need to keep dollar when I'm spending in naira?
And to be honest, the decision of the Buhari govt to impose all these restrictions didn't anyway help the Naira. So why continue to punish citizens with unnecessary constraints?
Until they remove all these anti people restrictions, naira will still be dancing at this level.

travelzcruix:
Untop person money, them mark am like achievement. Anyway, make una sell land send one person go Yankee, wey go remit on behalf of the family.

Heffalump:
The headline is a big lie. If there's an inflow of $172m per month the exchange rate will crash by now. Everything about APC government is fake!

Amotolongbo:
So diaspora’s remittances is now an achievement.

They talked down on Japa, but celebrating overseas remittances.
They are lamenting the brain drain, but celebrate the oversea monetary returns.