With the new CBN policy of N5 for dollar diasporal remittance, this APC government and CBN have just opened the tap for fraud. Perhaps some people are already being programmed to cash out bigtime.
Now this is the scheme. A goverment ifficial who stole say $500m has stashed this fund in say Cayman Island. He gets a proxy to remi the funds to Nigeria. CBN pays N1.5b for the remittance.
What value has this added to the econmy? What checks are there that the same $500m will not move back to Cayman Island?
I may be wrong though. This is just what Isee based on the policy memo from CBN.
It is ny considered opinion that CBN should immediately withdraw this memo. If the idea is to encourage small time remittance, then CBN should offer to offset remittance charge paid by diaspora Nigerians. This new N5 for $ is fraught with loopholes that can be exploited to the detriment of Nigerians.
As I stated, let me hear your opinion. May be I missed something.

I completely agree with you on this

They want to enrich themselves more.


The old-must-die-in-power!