₦airaland Forum

pacespot:
So na so flutterwave and Cos be blocking dollars from reaching Nigerian banks thereby causing the Naira to crash against the greenback?

But I think most of the problems are from Nigerian banks, I have a lot of dollars in my forex trading account but I'm not allowed to do bank withdrawal of dollars even though I have a domiciliary account linked and from which account I transferred the money I used to start trading in the first place. It is same story if you want to withdraw dollars from Binance. Nigerian banks will convert the dollars into Naira, so that means Binance gets to keep my dollars while sending Naira into my account. You can't even transfer dollars from your domiciliary account into another account these days.

So dollars goes to govt who subsidizes the sales to pilgrimage goers, fake hair buyers and wine importers among other wasteful things.
One question though, the fintechs settling Nigerians abroad in exchange for dollars, which currency are they crediting those Nigerians with? If Naira, are they printing or stealing it?

“The World Bank said for 2023, our diaspora remittance was about $20 billion. We estimate that more than 90 percent of that did not get to Nigeria, they are being externalized. We have spoken to loads of Nigerians almost everywhere, in the US, UK, etc. They told us how they send remittance. They use Apps, and we have tried some of those Apps, they use parallel market rates. So, you take $1,000 in New York, and tap on your phone that you are sending $1,000 to someone, a Fintech, they pay the Naira equivalent in Nigeria without bringing the dollars, unless of course if the source of the money is illicit.”

As long the fintechs are able to obtain Naira to settle their dollar sellers, they are Nigerian fintechs and so the money is Nigerian remittance. Let CBN stop.using all their printed cash to pay idle workers and let them start buying from these fintech apps directly with some of our printed cash.
Overall that will mean more naira in circulation chasing fewer goods and thus inflation.

FreeStuffsNG:
"We have spoken to loads of Nigerians almost everywhere, in the US, UK, etc. They told us how they send remittance. They use Apps, and we have tried some of those Apps, they use parallel market rates. So, you take $1,000 in New York, and tap on your phone that you are sending $1,000 to someone, a Fintech, they pay the Naira equivalent in Nigeria without bringing the dollars, unless of course if the source of the money is illicit.”

If the forex doesn't land in Nigeria then it's wrong of World Bank to classify such funds as diaspora remittances. To qualify as diaspora remittances then the fund must leave the foreign country and land in our own financial system. What predominates does not quantify as remittance because the foreign currencies remain in the overseas account of the operators of those apps who mostly open and operate their bank accounts from illicit funds havens like the British Virgin Islands, Bahamas, Ireland, Mauritius etc. So while you send $1000 from US, you get paid in naira here but your $1000 lands in a bank account in British Virgin Islands! That's not a diaspora remittance in Nigeria!

Those app platforms are the real wall blocking the remaining 90% of the total diaspora funds from getting into our banking system. If our financial regulatory control laws don't reach those fintechs, our tax laws should. FG must go after them and their collaborators here in Nigeria.
May God bless Nigeria for ever! Check my signature for free stuffs!

Keep shut sir. The fintechs intercepting them are not from the moon. They eventually get sold to Nigerians but at P2P rates in order to maximize gain. And that's where the CBN has an unmatchable advantage. They can print as much Naira and outbid any fintech to buy more dollars via their own fintech apps too. They will never do that.

sleek214:
IPOB don join Fulani bandits in the business of kidnapping for Abuja oo

Like Putin and Xi, no limits partnership.
They came together to acquire what they desire.

Okiemute101:
Aswear u get my point too 😂

the switching game is on. Okpo**** D.

Franzinni:
The moment the people decide enough is enough... It will end immediately... But in the mean time most are just glad they are not the victims until eventually they are.

bandits are part of the people. Lol.

SETHARTHUR:
Consequences of masturbating and evil life either from you or parents.

hope you are not one of the astral projectors afflicting or have afflicted the person for you to know so pointedly about family, luck and habit?

Lol.

femi4:
One of the richest man in the world is a masturbator

Nairaland is a place where demons meet physical humans.

Beautifulday:
He said advice no be make you cause am

lol...

omolola12345:
What about the one that has BSc, MSc, no skills, 40 years with no job. Are they not in the same category.

Thank you.
Like the ladder that ascended into Heaven in Genesis, connoting where the heavenly and physical meets, Nairaland is a place where both world meets.

The first reply is a pointer if you know.

Expulsion after 'graduation'?

Another Ogboni project...lol

Omihanifa:
Despite clearing the FX backlogs of 14 banks the naira is on its way 1,500 naira to a dollar.

if you are in charge of a bank just receiving $100m, will you want to sell at N1000/$ or at N1500/$?

JAWBONE:
Tinubu is gradually moving the capital of Abuja back to Lagos. We know he is up to something and we are watching him.
First CBN, now FAAN with no valid explanation.

Traffic and agencies should align to reduce transportation cost when supervising the airport.

One Day One Insecurity News.

What about manual labourers who earn on daily or weekly basis? Will they have to accumulate their earning for one week or month and deliver to this man now?
The bible stresses daily pay or earning even more than weekly or monthly payments that are common in the modern world, so should we call the first day money first fruit or the first week, or the first month, which should we?

SalamRushdie:
Close that useless ministry down

A ministry of inhumane things called humanitarian ministry. They are suppose to verify and expand the data of vulnerable people but...

Astra101:
At the boldest, hope you're not referencing Nollywood

Where did you see or heard this from

💥🗿💥

The question about "who gave birth to who" is hard to know in this life.
What of other persons who find themselves growing up in the hands of someone who used them for rituals? Someone who has used another to the point they can disappear and appear to their victims? Afflict the victims? Use demons to monitor the victim? Tell the future of that victim? Gather evidence of past against their victims in preparation for the future?

And you want such victim to just be sure so and so person gave birth to him or her because a serial liar said so?

This topic is deeper than just looking at pictures.

Maybe a DNA test be conducted on her and TBJ's acknowledged daughters to see if they came from same fathers. That should be possible.

nairalanda1:
That's why in 2027, you should vote them out. Don't vote for PDP, APC, LP, NNPP. Vote them out.

my PVC has always been to support other forms of identifications. I never voted with it.

MrSundry:
A Nigerian man shares his touching Japa story. He shared how his travel agent refused picking his call and was left to sleep on the road for months begging for food to survive.

Luck eventually smiled on him when he got a tailoring job but this was short lived because he was "roped" in a crime he didn't commit because he is a Nigerian. After spending months in prison, he was found not guilt.

His boss later processed his visa and paid all his outstanding "overstayed" fines. Now he is a legal resident helping those that wants to travel to UAE.


https://www.youtube.com/watch?v=VULz7Pb_Vmk

he is now helping others....that part got me suspicious.

nairalanda1:
Both. It is more than just 'Taking over'!

You need energy to hit the streets. I prefer the industrial revolution to the street one. Though the street one will likely precede the industrial one because we need to instill some fear into the elites unrepentantly ruining the system.

Paraman:
1 USD = Lesotho Loti19.08 LSL

LSL means Lesotho Loti.

What's Lesotho exporting that makes their currency very strong against the dollar? Namibian dollar is also about 20/$, Whats Namibia also producing?

Your ignorance is astounding.
Rebasing or re-denomination of currency doesn't make it stronger.

Emma1Oj:
Ibo pple are the ones cashing out in this hard economy because they run the most lucrative business in Nigeria..


They buy locally or import internationally cheap and sell to the masses expensive..

only partially true.
Average Nigerian spends 60% of income on feeding and the food basket of Nigeria is not Igbo people.

nairalanda1:
Well, a revolution would be welcome, but it won't change the value of the naira.

The naira value can be changed if we become an exporter of manufactured goods and services.

Right now, the value of the naira is dependent on the price OPEC and other people set for oil...which accounts for 80% of our forex earnings.

If the revolution guarantees an economy that would be a manufacturer of industrial goods for export, I am all for it.

Revolution as in hitting the streets or getting to serious work?

Lol. Get used to that ASAP. We produce so little or next to nothing comparatively.

Mrs. Esther Danlami, whose child is at UNIJOS, noted, “Since the increment, it has not been easy for us. My husband is a retiree, I am a Primary School Teacher and we have three children in the university. With the current economic situation, we are in a very dire situation.”

These are the people the student loan should be targeted at. It is very needed here.

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"We, the leadership of NANS, stand united and resolute in our commitment to protecting the rights and interests of Nigerian students.

To this end, the recent proposals for tuition fee increases, notably from the Federal University of Technology, Akure (FUTA), and Federal College of Agriculture, Akure (FECA), are unequivocally rejected.

“It is disheartening and worrisome that despite the Federal Government’s explicit instructions against tuition fee hikes, certain Vice Chancellors and heads of institutions seem poised to defy these directives.

“This we find barbaric, therefore, we declare that if these institutions persist in their disregard for the government’s stance, NANS will mobilize Nigerian students nationwide to stage a relentless protest, stampede, and shut down the country until our demands are met.

“We emphasize that the implementation of the new budget for education is closely monitored by NANS, and any attempt to burden students with additional financial strain will be met with fierce resistance. Education is a right, not a privilege, and we will not tolerate any infringement upon the accessibility of quality education for the Nigerian student.

These are the unrealistically entitled ones that pushed us to where we are today.

Intuition.

Creative.

Is this a question or steps to cook rice faster? Be clear.

bdon12:
Once thing is certain...dangote will never agree to collect naira to sell products...this should have been made part of d deal b4 giving him all of naija forex.this country has no hope to bounce back

likely scenario. That means the dollar will reach N1500 soonest.

Brendaniel:
Oga, corruption is the major reason the naira is falling and Tinubu is not fighting corruption...

Back to the topic;

We warned about Tinubu but they didn't listen

Oya switch back again. I don hear u.

Sucre6:
Things are super expensive now, but u can start this kind of business with 500k

really?