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CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 (14666 Views)

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Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by ppogba: 9:42pm On Mar 27
reddingtonblack:
If you can think @least those who can do, for every policy there are ripple effect

Yes i can get dollar now but with the new policy implemented thats is about to change cos one of the suriest means for parallel market to get forex is via diaspora remittance

When govt dole out policy, its mandatory for every sensible to unveil the motive, possible benefit or what they are tryin to achieve

uncle whats the motive, enligthen people since we know nothing
Go to Nairametrics and search under the topics in the last 24 hours on their website. With that, you will learn how to digest a policy without jumping on the criticism bandwagon.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by AngelicBeing: 9:44pm On Mar 27
anonimi:
What happened to the bragging about stopping borrowing after hitting his higher revenue target from increasing tax burden on people huh

Was he just telling lies as usual in his balablu propaganda ways?





https://www.youtube.com/watch?v=Bn29b0SkCWU?si=CNjG3w2Uzn88PO1l
It is called kulikuli Marco Economics 101, the more you read Nigeria economy, the less you understand, it boils down to chop and chop government ooooooooo sad
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by SixSeven: 9:45pm On Mar 27
Sheuns:
Ban for the people but politicians will share dollars during elections.

Shioor.
This is also for elections. The Obidients they hate for diaspora funding so let's clip them now grin
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by reddingtonblack: 10:12pm On Mar 27
ppogba:
Go to Nairametrics and search under the topics in the last 24 hours on their website. With that, you will learn how to digest a policy without jumping on the criticism bandwagon.
I wont go anywhere, if it impossible for you to make a point here, stay on that nairametrics

I went to school so i can think for myself
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by ppogba: 10:13pm On Mar 27
reddingtonblack:
I wont go anywhere, if it impossible for you to make a point here, stay on that nairametrics

I went to school so i can think for myself
E sho for your bodi.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by reddingtonblack: 10:17pm On Mar 27
ppogba:
E sho for your bodi.
abeggi move make humans comment
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Princedapace(m): 10:27pm On Mar 27
bigpicture001:
It's about Peter Obi and the general election.. Obi's main campaign funds came from remitances from diapora Nigerians
they should use crypto and they will still run it. It is quite easy to defeat Tinubu, there are competent strategies that can defeat him. Infact, it is super easy to do so because he has performed badly. ADC just need to have bad ass strategic team. Prepare a blueprint, raise mad capital even publicly, secretly.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Mercisharelove(f): 10:29pm On Mar 27
Pakute:
https://www.legit.ng/business-economy/money/1702640-important-update-nigerians-receiving-money-cbn-issues-directive-deadline/
The biggest hidden intent is often the destruction of the Parallel (Black) Market. By forcing every cent of diaspora money into these "Naira Settlement Accounts," the government is effectively trying to "starve" the unofficial mallams and vendors who rely on private transfers to get dollars. If the government controls the entry point of all diaspora money, they control the price of the Naira



Diaspora remittances are a major source of funding for opposition movements (like the "Obidient" movement). By funneling all these transfers through highly regulated, bank-monitored accounts, the government gains the ability to "see" who is sending large sums and where that money is going




Control over the flow of money is the ultimate political tool. If the government can monitor the financial "lifeline" of the opposition, they have a strategic advantage.



One of the most controversial hidden intents is the push to end dollar payouts. For years, Nigerians could receive USD in cash. This new directive pushes everything toward Naira payments at "market-reflective rates." This forces the average citizen to hold Naira instead of "hard currency," which helps the government reduce the "dollarization" of the economy but makes it harder for you to save in a stable currency.



Nigeria is under pressure from the IMF and World Bank to show that it is "cleaning up" its financial system to get better loan terms. This policy is a loud signal to the world that Nigeria is tightening its belt against money laundering and "grey" financial flows, even if it causes temporary hardship for people at home.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by nedu666: 10:29pm On Mar 27
Buhari did the same thing, it resulted in reduced inflow of remittance. Now tinuby is adopting the same policy. Someone sends dollars but you want to give him naira at a rate determined by the operator. So if the dollar is exchanging for 1350. The operator can decide to pay you 1300 and say that is his own rate
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by xxxx999jon: 10:41pm On Mar 27
This is a very bad policy.. It will only reduce inflow into the country.. EDUN YOU no get this one well ooo.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Xceed92: 11:29pm On Mar 27
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Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Hassanmaye(m): 11:34pm On Mar 27
Tenses:
Reaping where you did not sow. All these taxes where the money de go?

We must kick out this criminal tinubu government come 2027.
His concern is Lagos and for Jagaban family to be richest in Nigeria, vanity is waiting for them
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Mindlog: 11:48pm On Mar 27
ppogba:
Soon,you go see person wey never ever see dollar bill for eyes drop comment.
Must one see the dollar bill in order to be eligible to comment?
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by AlphaTaikun: 11:57pm On Mar 27
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by ElGenio39: 12:17am On Mar 28
Is this only what they can do?
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Blitzerz: 2:10am On Mar 28
He wan
carry diaspora money go give france
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by OgaTheTop2: 2:35am On Mar 28
I don't understand this rubbish. I will be better off traveling with my cash for vacation in naija..
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Moroccoguy: 5:20am On Mar 28
Best way to go, they don't want dollarised primary election. Many are tagging this anti Obi policy but this is what our economy need, cand they give u Naira in any foreign countries. This will be a great disadvantage to Atiku.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by Dalohad:
They want to ban Dorm accounts? grin

This man seems to be another Emefiele 2.0. He wakes up in the morning, throws Amala into his mouth, makes one policy without thinking it through..

I guess he wants to improvish Nigerians, and the dollar currency an exclusive preserve of politicians like him, Tinubu, and Umahi who give lawyers 'fuel money' in dollars.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by grandstar(m): 10:56am On Mar 28
Bluntguy:
All this cut and join monetary policy no go help una naira. Just tell Tinubu make him stop the borrowing and see how naira go come resemble currency again.
Some of the borrowing is necessary.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by zoomzoom(m): 11:00am On Mar 28
So,did they say foreign remitances should not come into the country again?

I am not surprised. You are just a specimen of a larger group.



How about you tell us why else they will implement such a SENSELESS policy?.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by grandstar(m): 11:00am On Mar 28
jimi4us:
They've started again,this is how Buhari destroyed the naira, this old basstardd is about to do the same mistake
The current economic policies that Tinubu is implementing are the complete opposite of Buhari's.

Thats why economists like Okonjo Iweala and Soludo are endorsing them.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by grandstar(m): 11:07am On Mar 28
reddingtonblack:
How does this policy ease the " Pressure" on local demand of dollar

Remittance is an inflow of foreign currency, the policy is as meaningless as when Emiefele brought up naira design ...we just waste resources painting naira like women's face
Nowhere does article state that the new policy was to reduce pressure on Naira.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by grandstar(m): 11:10am On Mar 28
ppogba:
Una Sha must talk for talking sake.

Where is the pressure?

Have you had need for forex that has not been met of recent?

Everybody has an idea even when they have no idea. Person wey dey two by two shop go talk about dollar scarcity.

Shior!
I too was compelled to refer to the "pressure" on the Naira.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by reddingtonblack: 11:18am On Mar 28
grandstar:
Nowhere does article state that the new policy was to reduce pressure on Naira.
They dont have to say it, when govt dole out policy its not for fun it is for a reason ... we on the recieving side have to analyse to see whats the goal

Denying Nigerians foreign remittances is a measure to mopp of forex,

With the state of " naira value" one would expect a sensible govt to come up with policies that will strengthen the Naira

IF you think otherwise, please educate us on the benefit and goal of the new policy ..
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by grandstar(m): 11:31am On Mar 28
reddingtonblack:
They dont have to say it, when govt dole out policy its not for fun it is for a reason ... we on the recieving side have to analyse to see whats the goal

Denying Nigerians foreign remittances is a measure to mopp of forex,

With the state of " naira value" one would expect a sensible govt to come up with policies that will strengthen the Naira

IF you think otherwise, please educate us on the benefit and goal of the new policy ..
First of all, i waa even surprised about the new policy.

Why? Because for a long time, remittances have been paid out in Naira. During Buharis tenure, it was in dollar. Buhari did it that way so that forex received through remittances might boost the value of the Naira.

I have to re-read the article so know why it was implemented.

The issue for me is that theres no pressure on the Naira. The Nairas value has even been climbing. These are irrefutable facts.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by reddingtonblack: 12:07pm On Mar 28
grandstar:
First of all, i waa even surprised about the new policy.

Why? Because for a long time, remittances have been paid out in Naira. During Buharis tenure, it was in dollar. Buhari did it that way so that forex received through remittances might boost the value of the Naira.

I have to re-read the article so know why it was implemented.

The issue for me is that theres no pressure on the Naira. The Nairas value has even been climbing. These are irrefutable facts.
thanks you reminded me, From Buhari era the CBN came up with that measure, domicilary withdrwal must be naira to stop dollarization trend, plus naira redesign
Tinubu's camp then criticized it nd argued Emiefele is trying to sabotage Tinubu chances, although it was politically but now same Tinubu is doing it

that why i asked what is the benefit, these things are not implemented cos of national interest ... It a tool by govt to limit opposition toward election

Check the timing Emiefele started his own tew
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by maik: 5:56pm On Mar 28
Bluntguy:
All this cut and join monetary policy no go help una naira. Just tell Tinubu make him stop the borrowing and see how naira go come resemble currency again.
Just wait and see.
Re: CBN Bans Foreign Currency Payments For Diaspora Remittances From May 1 by alizma: 4:56am On Mar 29
Nice one. I have said this long time ago. Great policy, 👍
1 2 Reply

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