Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,792 members, 7,817,286 topics. Date: Saturday, 04 May 2024 at 09:30 AM

CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances (35528 Views)

90% Of 2023 Diaspora Remittances Didn’t Get To Nigeria — Oyedele / Diversion Of Diaspora Remittances To Black Market Weakens Naira - CBN / Naira-4-dollar Scheme Ends May 8, Banks Tell Customers (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by jedisco(m): 2:47pm On Mar 06, 2021
hmm

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Pennywise(m): 2:47pm On Mar 06, 2021
So for every $1000 sent, the sender gets N5000 extra. CBN dey craze. It is yet to appreciate the grave situation of the naira and the potential for a complete collapse of it's currency

4 Likes 1 Share

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by princemartinsG(m): 2:48pm On Mar 06, 2021
If southerners are wise
They will set aside all past bickerings
And for the sake of this time
Put hands together to put him one of our own.
Then create good development plan anyone we put in must work towards

The South has many leaders

But many of southern leaders have been involved in controversies which make southerners see them as corrupt and with characters that make it difficult for southerner people to trust them

The people feel that if these leaders are brought to equity, do they have clean hands

As this perennial problems between the nought and the south continue to reoccur

Southerners must temporarily set aside the past mistakes and errors made by southern leaders and come together to chose the most capable of Southern leaders to be voted for 2023

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by A305: 2:49pm On Mar 06, 2021
If I understand this news correctly. It means CBN intends to outbid ABOKI and the banks for your dollar in order to amass the dollar, devalue it locally and make it available to other sectors at their rate. Then make the dollars in circulation exessive that, it would crash the black market rate if they keep up with the promo.

The promo would serve as a tool to check mate dollar scarcity and overflow.

Nice move CBN. Who ever came up with this is a thinking man.

13 Likes 3 Shares

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by SeaTrade(m): 2:49pm On Mar 06, 2021
They want to subsidise the dollar by 5 naira ,without actually spending dollars from the reserve to defend the naira.
Like using the naira end of the deal to strengthen the naira. Good and smart move...This means from 9th of may they will start funding BDCs appropriately again ,so speculators and exporters and smugglers should be weary of the month of may. cheesy
They've just given smart people a heads up cheesy
Expect dollar to trade for 475 or 470 on monday at the parallel market ,

5 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Richieniit: 2:57pm On Mar 06, 2021
Simplyleo:

We Nigerians sent CBN.

And it has nothing to do with online country.

Dumbass
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Buharidgeneral: 2:59pm On Mar 06, 2021
Naira on promo.

Buy one get one free

Las Las all of us go dey alright

Clueless 37th Governor

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by seunayantokun(m): 2:59pm On Mar 06, 2021
To save mallam maidollar business being challenged by online money transfer companies? A business that is sabotaging our economy in the first place for that matter? I don't understand, somebody may help explain the rationale behind the cbn's strange dance.

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by BruncleZuma: 2:59pm On Mar 06, 2021
Bampeh:
This will strengthen the naira a bit. The market will be flooded with dollars and people will not be willing to buy dollar for keeping sake.

Bampeh is an economics

Economist

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by swtdrms(m): 3:01pm On Mar 06, 2021
tit:


"They can collect as (dollar) cash across the counter"?

Yes, you collect your dollar and still get N5 for each dollar sent to Nigeria
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by seunayantokun(m): 3:03pm On Mar 06, 2021
A305:
If I understand this news correctly. It means CBN intends to outbid ABOKI and the banks for your dollar in order to amass the dollar, devalue it locally and make it available to other sectors at their rate. Then make the dollars in circulation exessive that, it would crash the black market rate if they keep up with the promo.

The promo would serve as a tool to check mate dollar scarcity and overflow.

Nice move CBN. Who ever came up with this is a thinking man.

But aboki rate is always higher because if they buy at N360 and sell at N460. They have gain N100. It is a simple principle of buying and selling. Please more light needed if you understand it. Thank you.
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 3:04pm On Mar 06, 2021
GeneralPula:
No wonder they had to ban crypto first..

grin
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by AmazingELixir: 3:07pm On Mar 06, 2021
Nbotee:
For those who do not understand the post, CBN wants to b paying Nigerians 5 naira for every 1 dollar they receive but the 419 behind it all is the useless exchange rates dey dey maintain.. In other words dey want to bribe Nigerians 5naira for collecting their dollars at their 419 rate


Don't be economical with what the policy entails

" The circulated stated, “In the light of this, the CBN shall, through commercial banks pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by designated beneficiary. This incentive is to be paid to recipients whether they prefer to collect the USD as cash across the counter in the bank or transfer same into their domiciliary account.“

If the recipients decides to collect the money in USD how does the CBN exchange rate affect them....the fact remains that if customers decides to do the exchange through the formal banking sector ofcourse the CBN exchange applies otherwise the informal currency practitioners are everywhere with all the attendant risk.

1 Like 1 Share

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by spinna: 3:08pm On Mar 06, 2021
Relevant people... please explain further lets understand.
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 3:08pm On Mar 06, 2021
No wonder UBA sent me a message this morning that they want to give me #2 per $ received. So, it's actually #5 per $, and they want to corner #3. Nawaa, these banks will never stop to amaze me.

@CBN and Emefieli, continue your business. Very soon, it will be game over!

7 Likes 2 Shares

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Princedapace(m): 3:12pm On Mar 06, 2021
Simplyleo:

We Nigerians sent CBN.

And it has nothing to do with online country.

Oh boy, u love Nigeria o. Bandits just went to a FG staff quarters to kidnap family members of staff of the Aviation ministry. Soldiers engaged them but the bandits still escaped.

Mehn, how some of u love Nigeria like this beats my imagination. Even ur leaders, ur politicians dont believe in Nigeria o. Their families are secured abroad, they use abroad hospitals, send their kids abroad for education, some keep their kids there. This only means that they dont believe in Nigeria o.

How do some of u who are broke who cant afford to keep their families abroad or run away when there is problem defend the same country whose leaders dont believe in beats my imagination. That is madness o. What the bandits did shows that they can go into any community, govt establishments, houses, etc to kidnap citizens o.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by superemmy(m): 3:15pm On Mar 06, 2021
Why is CBN trying so hard to deny crypto currencies will far outweigh what they’re trying to do
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by GeneralPula: 3:19pm On Mar 06, 2021
StacyO:


grin

Yes everything nah scope
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Foolishbuhari: 3:20pm On Mar 06, 2021
Godarz:
Well, good idea

For those mocking the idea, the issue is the CBN has one mandate, and one mandate alone. DEFEND THE NAIRA AT ALL COSTS...and it does that by attracting dollars.

And the truth is oil prices are too low for Nigeria to earn sufficient dollars. Because Nigerians want price controls for everything, plus insecurity, and corruption, and bad leaders, investment is having a hard time coming in.

So, CBN has to resort to all kinds of methods to get dollars. The downside is that Nigerians won't be able to get dollars from abroad, and change to naira at the parallel rate...or higher rate, which to be honest is not fair...and N5 to $1 does not cover potential losses.

Which is why it's a pipe dream. An idea drowning in a pond of stupidity as all their previous plans. The exchange rate is the demon!

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by kelvindj98: 3:22pm On Mar 06, 2021
onoms4luv:
so for every 1 dollar, I will be charge 5naira. this country Sha, that emefiele of a person na only to extortion he Sabi?
Read the news article again. Don't disgrace your family and your education online.

3 Likes 1 Share

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 3:24pm On Mar 06, 2021
Foolishbuhari:


Which is why it's a pipe dream. An idea drowning in a pond of stupidity as all their previous plans. The exchange rate is the demon!

Might be a pipe dream, but CBN can do what it can do.

For us Nigerians, we have to

1.Vote for the right people...not PDP and APC

2.Stop the idea of price controls in the power and petrol sector...and allow the companies and makrteters set the prices that would allow them make profits to build refineres, and expand our power generation and transmission...and by extension our economy

3.Fight corruption.

4.End insecurity...by properly funding the Police

5.Expand the tax base.

CBN can do only what CBN can do. The rest is up to us and our polticians.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Nobody: 3:24pm On Mar 06, 2021
GeneralPula:


Yes everything nah scope

Information reaching me then was that crypto like everyone claimed was never banned.


It was already on a ban list but,due to pressure from citizens,it had to be cancelled.
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by kelvindj98: 3:24pm On Mar 06, 2021
GamalNasser:
Is this not another road to corruption? What nonsense is this please ? Who send CBN this needless work?

This is how I woke up this morning and found out access bank had opened me Dorm account by fire force when I didnt even request for it .

CBN where is the 5 naira coming from?

Are you Lie Mohammed's brother? Lie with dignity now?
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by studentofTruth: 3:28pm On Mar 06, 2021
seunayantokun:
To save mallam maidollar business being challenged by online money transfer companies? A business that is sabotaging our economy in the first place for that matter? I don't understand, somebody may help explain the rationale behind the cbn's strange dance.

You understand the game. Seems that they don't have enough to supply the vendors; sensing USD scarcity in the parallel market, they want to entice the citizens to flood the market with dollars.

Temporary fix. Their game will be up soon. They're already out of options, which is why they are doing so many crazy things of recent.

The scam going on in that parallel market is worse than all the fuel subsidy scam put together since the 3rd republic! They're literarily subsidizing foreign exchange for some people (by as much as #100 per $) at the expense of the entire economy!
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Kettlecorn: 3:28pm On Mar 06, 2021
SeaTrade:
They want to subsidise the dollar by 5 naira ,without actually spending dollars from the reserve to defend the naira.
Like using the naira end of the deal to strengthen the naira. Good and smart move...This means from 9th of may they will start funding BDCs appropriately again ,so speculators and exporters and smugglers should be weary of the month of may. cheesy
They've just given smart people a heads up cheesy
Expect dollar to trade for 475 or 470 on monday at the parallel market ,

This is actually a good explanation. It is effectively a backdoor short term devaluation of the Naira without officially stating an actual rate and risking the repercussions in the marketplace. It's business as usual in Nigeria. Instead of eliminating the disease, they are fighting the symptoms. Diasporans and even Nigerians in Nigeria do not really like to go to aboki to change their forex, with all the attendant risk fake Naria, robbery etc. If CBN offers a rate close enough to market rate and makes the transaction smooth and easy... interbank with little or no fees, most will move their money through the official channels. Secondly, why does the law ignore the illegal aboki changing money on the street at illegal rates? We all know why. There is really no need for BDC and illegal means if the process works through our regular banks.

3 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by castrokins(m): 3:28pm On Mar 06, 2021
Good Time To Round-trip

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Okoroawusa: 3:31pm On Mar 06, 2021
Half of the people on this thread has no idea what the thread is all about

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Emmasnoop(m): 3:32pm On Mar 06, 2021
People nor fit read English and understand again for this country because hunger Don scatter their brain , this small right up get many many interpretation here na wa oh.

1 Like

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by tunapawizzy: 3:34pm On Mar 06, 2021
ole government...people abroad add that 5naira to the rate the banks will buy ur dollar, e no still make sense, just send USDT to ur people in naija, let them use p2p to convert to naira

3 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Yankee101: 3:40pm On Mar 06, 2021
Dollar don scarce
Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by N2B2: 3:42pm On Mar 06, 2021
Nbotee:
For those who do not understand the post, CBN wants to b paying Nigerians 5 naira for every 1 dollar they receive but the 419 behind it all is the useless exchange rates dey dey maintain.. In other words dey want to bribe Nigerians 5 naira for collecting their dollars at their 419 rate

Did you read the full article at Nairametrics? Nigerians will get the 'naira for dollar' sweetener whether or not they change their USD to naira, take their USD in cash, or deposit it in a domiciliary account.

2 Likes

Re: CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances by Jaqenhghar: 3:43pm On Mar 06, 2021
The diasporans they spend time insulting are one of their sources of income. SMH

1 Like 1 Share

(1) (2) (3) (4) (5) (6) (7) (Reply)

What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items / Naira Set To Rise Further This Week / Naira Dramatically Recovers To N405/$1 After MPC Decisions

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 45
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.