₦airaland Forum

AutoChick4U:
your bank will bill u more

How Old are you again?

GboyegaD:
What is the major purpose of the remittance? If it is to support family members back home, I am not sure this is an achievement except if the government expects hardworking Nigerians to depend on family members abroad.

That’s exactly what the govt expects

And that’s why they don’t feel any urgency to fix the problems they created.
They know that bad as e bad, hunger won’t kill everyone.

If they were at a real risk of a serious uprising due to their inactions and no support at all from diaspora remittance, they’d have fastened their belts by now and done something

LegendHero:
Who is responsible? Tell us.

Ordinary people working abroad

Tjra:
This thread no go pass 2 pages. Obidients will read and quietly leave. They and their Master only react to bad news.

Daft post/

erico2k2:
Ordinary people working abroad

So why have they not sent this much money all their life? Why during Cardoso?

Do you even know the process IMTO use? Go back and read that the image I attached to the thread and you’ll see the reason for the increase there.

cococandy:
That’s exactly what the govt expects

And that’s why they don’t feel any urgency to fix the problems they created.
They know that bad as e bad, hunger won’t kill everyone.

If they were at a real risk of a serious uprising due to their inactions and no support at all from diaspora remittance, they’d have fastened their belts by now and done something

It is saddening that they couldn't provide a breakdown of what the remittances are for. I feel they think this is an achievement the way it is worded, the reason they talked about the increase without the purpose knowing many will likely celebrate it without questioning.

LegendHero:
So why have they not sent this much money all their life? Why during Cardoso?

Do you even know the process IMTO use? Go back and read that the image I attached to the thread and you’ll see the reason for the increase there.

Because the hardship is more. Do you need an interpreter for this?

Bovis:
Tinubu didn’t win in Osun state election, it was Atiku who won. Unless you meant Adeleke rigged it for Atiku

yes that's what I mean.

LegendHero:
So why have they not sent this much money all their life? Why during Cardoso?

Do you even know the process IMTO use? Go back and read that the image I attached to the thread and you’ll see the reason for the increase there.

because we have more people working abroad and the value of forex has gone way up the sky cos your Naira is now shyte due to Inflation and the inability of FG to fix the Economy.ie today one UK pounds is now 2100. so if I send 2k pounds I have four million two hundred in my bank, U gerrit?

LegendHero:
Source: https://punchng.com/cbn-recorded-highest-remittance-inflow-of-553m-in-july-official/?amp

is the CBN responsible for the inflows?

is there anything the CBN did deliberately or did as a matter of policy that is responsible for the inflow?

nedu666:
See the way cbn is acting like they are responsible for increase on foreign remittance

They know our people wouldn't think through the post. They are carried away by the writing.

erico2k2:
How Old are you again?

Explain so I'll learn oo

LegendHero:
Learn how to spell “trial and error” first.

Olodo you got the message I passed across, that’s the main thing

LegendHero:
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.

is it your wanting that brought the remittance reported?

what did Cardoso do before that you saying "Cardoso you can do this"?

AutoChick4U:
Explain so I'll learn oo

You receive Naira Equivalent in your bank and you are charged a basic sum, ie first bank is 26 for the lowest limit and 56 for the highest limit.

lexy2014:
is the CBN responsible for the inflows?

is there anything the CBN did deliberately or did as a matter of policy that is responsible for the inflow?

Check the second paragraph from CBN publication.

The second pics is for May this year, CBN granted license to new IMTO and upgraded the process. That is the reason for the increase inflow.

LegendHero:
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.

Yes he can and he go deliver result

francisisking:
Reduce the people's purchasing power is tilumbu economic policy by taxing the people of all their hard earned money

Good Policy

LegendHero:
Source: https://punchng.com/cbn-recorded-highest-remittance-inflow-of-553m-in-july-official/?amp

All lies....the increase is as a result of high inflow of dollars from relatives abroad. Since they now know that common $1k is 1.5millon naira.

In the west, it is called black tax. This is just a clear indication that life is getting harder for Nigerians at home and those in diaspora are supporting their families and friends. It is not government achievement.

LegendHero:
so why have they not sent this much money all their life? Why during Cardoso?

Do you even know the process IMTO use? Go back and read that the image I attached to the thread and you’ll see the reason for the increase there.

What is the dollar to naira rate during Emiefele's tenure?? During Soludo's tenure??

Compare that to the exchange rate currently with Cardoso.

What is the cost of bag of rice in 2024, compare that to the cost of bag of rice in 2014.

Let's bring this closer a bit.. the cost of cement in 2019-2020 was N2,800 - N3,200.

The cost of cement in 2023 - 2024 was as low as N5800 in September 2023 to as high as N12,000 in February/ march of 2024.

Kobojunkieee:
You mean you commend Nigerians in the diaspora, many of whom probably out of panic sent more money home to family so they could stock up on food in preparation for the recently concluded protests, abi?

Whatever you call it is welcome

Badgers14:
What is the dollar to naira rate during Emiefele's tenure?? During Soludo's tenure??

Compare that to the exchange rate currently with Cardoso.

What is the cost of bad of rice in 2024, compare that to the cost of bag of rice in 2014.

Let's bring this closer a bit.. the cost of cement in 2019-2020 was N2,800 - N3,200.

The cost of cement in 2023 - 2024 was as low as N5800 in September 2023 to as high as N12,000 in February/ march of 2024.

How does it relate to my question?

You guys or rather people still residing in Nigeria don't know that the diaspora guys are using their little earned dollars, pounds sterling, Euros etc....to buy the labour and efforts of hardworking Nigerians at peanuts. So many old people are selling their houses, properties. Something they used their youthful ages to acquired but now, due to Tinubu devaluation. Policies.....a little boy schooling and doing part time job in US or UK can buy a whole mansion built by your great grandfather, father or even you at a peanut after converting his dollars to Naira. So I wonder the joy of disclosing that Diaspora money has increased since Tinubu came to power. This shouldn't be a joy but woeful cry of disaster in power.....

LegendHero:
Check the second paragraph from CBN publication.

The second pics is for May this year, CBN granted license to new IMTO and upgraded the process. That is the reason for the increase inflow.

You still don't get it, CBN granted licence to their thieving friends to for money transfer agents in Nigeria, so you pay into their APP abroad and they remit to your bank directly in Naira, in other words its a new form of Money Laundry. They get to keep the forex abroad legally.

wallrichy:
You guys or rather people still residing in Nigeria don't know that the diaspora guys are using their little earned dollars, pounds sterling, Euros etc....to buy the labour and efforts of hardworking Nigerians at peanuts. So many old people are selling their houses, properties. Something they used their youthful ages to acquired but now, due to Tinubu devaluation. Policies.....a little boy schooling and doing part time job in US or UK can buy a whole mansion built by your great grandfather, father or even you at a peanut after converting his dollars to Naira. So I wonder the joy of disclosing that Diaspora money has increased since Tinubu came to power. This shouldn't be a joy but woeful cry of disaster in power.....

They dont know and they are here rejoicing

LegendHero:
Check the second paragraph from CBN publication.

The second pics is for May this year, CBN granted license to new IMTO and upgraded the process. That is the reason for the increase inflow.

Pls explain how the IMTO is what is responsible for people sending money to nigeria to tune of $533m in July

lexy2014:
Pls explain how the IMTO is what is responsible for people sending money to nigeria to tune of $533m in July

In layman term.

In June, CBN allowed them (IMTO) to sell FX directly on official market. It was a policy adjustment. They did that so that remittance inflow can come through the official channel, rather than the parallel market as the case was before.

Some IMTO are not using official channels before and those money they are dealing in is not moving into the official channel.

So if a IMTO is dealing in $100m for example before, he could choose to route $50m through parallel but now he has incentive to bring all $100 trough the official market since he can sell directly on there.

I love your intelligence in breaking it down. It Is not a course for government jubilation as the government is trying to portray but a collasal failure of the government of the day monetary policies. Diasporans are sending money home to support their family and friends from the evil grip of the government and at the same time taking advantage of the disaster brought by the government monetary policies disaster of devaluing naira to a ridiculous level making nuisance of naira to foreign monies and definitely a business minded diasporans knows that this is the time to buy as much as any good properties available in Nigeria for now that Nigerian people are hungry and selling their properties to survive. It's sad, so so sad but it's the truth......

SmartPolician:
In the west, it is called black tax. This is just a clear indication that life is getting harder for Nigerians at home and those in diaspora are supporting their families and friends. It is not government achievement.

Nomercie:
Osukwu will not be happy with this news.

50 % of that Remittances are from IPOB and Igbo people....Oponu!

LegendHero:
How does it relate to my question?

Link it to your question then

LegendHero:
In layman term.

In June, CBN allowed them (IMTO) to sell FX directly on official market. It was a policy adjustment. They did that so that remittance inflow can come through the official channel, rather than the parallel market as the case was before.

Some IMTO are not using official channels before and those money they are dealing in is not moving into the official channel.

So if a IMTO is dealing in $100m for example before, he could choose to route $50m through parallel but now he has incentive to bring all $100 trough the official market since he can sell directly on there.

how is the IMTO responsible for people sending money to nigeria to the tune of $533m in July?