The CBN is ridiculous. People are using "unofficial" remittance channels because they have a policy regulating conversion rates for IMTOs when the parallel market premium is N80-100/$. How many people get actual USD through the "unofficial" channels?

Also, people want quick access to remittances, most probably don't need the dollars. Now they must all have Dorm accounts or collect USD cash? An extra layer of stress for a lot of people when person X can just send and you have Naira in minutes.

Emefiele said this is why they transitioned to giving people Naira: dollar cash availability. I guess we are awash in dollar cash right now.

This is probably a bigger problem for someone receiving USD remittance: IMTOs paying recipients at below N400/$ while "unofficial" guys are doing around >N450/$.

But Emefiele can't devalue or reduce the parallel market premium over I&E exchange rate.

So when you give recipients USD, where do they sell to get market-reflective exchange rates? Peer to peer, banks or the parallel market for USD cash?

Why push people to the parallel market that is for corrupt people?

This policy is basically saying "we've been stupid, let's fix it with more inconvenience, confusion, costs and stupidity."

Look at Meffy's last sentence. Has he been sleeping? Someone should ask him where to get "market-reflective exchange rates". You can't regulate rates for licensed operators and be saying this nonsense.

Regulate: don't pay out USD, pay NGN. Dollar cash no dey

Fix prices: sell to banks/CBN at this rate, BDC rates are wrong

Shift the blame: you are corrupt

Policy reversal: let's go back to our old ways

And for those saying the USD doesn't come to Nigeria, I don't know what you people are saying. The bank recorded around $24bn in remittances in our accounts last year.

Also the fact that Sola buys Yeezys in America for Bisi and Bisi pays Sola's mum in NGN is not evil.

And what Sola and Bisi have done makes a lot of sense when banks insist that I have a $100/month spending limit on my card.

The banks won't give me dollars, CBN won't give me dollars, I can't deposit dollars and spend, and so on.