On BU$I₦£$$ DIG£$T this morning, March 12, 2021
I FEEL SO SAD RIGHT NOW!☹️🙁😰
I think there is a new PONZI SCHEME in town introduced by the Central Bank of Nigeria.
It is the “Dollar 4 Naira” Scheme which is meant to be an incentive for recipients of US Dollars inflow from the diaspora into Nigeria.
What do you need to do?
Just be a legitimate recipient of US Dollars from “The Abroad” and you will get paid ₦5.00 for every $1 received.
So, if $10,000 is sent and received, you will be paid ₦50,000 cash.
Which accounting entries will be passed?
Where will the CBN debit to reimburse these banks after such incentives have been paid?
Will there be any reconciliation of these entries or proof of accounts?
I can tell you, banks FINCON Department would have created a General Ledger (GL) that will be debited in their various branches.
And this promo runs for two months; 8 March, 2021 to 8 May, 2021.
Rush now why offer lasts.
Terms and Conditions apply.
If you learnt anything from this, kindly share with someone out there.
Dr. Emmanuel Idenyi Shaibu
animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA
The Millennium Entrepreneur