Naira-4-dollar scheme ends May 8, banks tell customers punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
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WITH the premium between the parallel market and the Investors and Exporters Foreign Exchange (IEFX) rate estimated at N71, the Naira-for-Dollar policy of the Central Bank of Nigeria (CBN) is likely to reduce the gap, say experts at Financial Derivatives Company (FDC) Limited.
Already, Naira fell against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Friday, data from the FMDQ Security Exchange where forex is officially traded showed.
Also, the currency weakened at the parallel market. Naira closed at N410.00 at the trading session of the I&E window on Friday, a N1.00 or 0.25 per cent devaluation from N409.00 it closed at the previous session on Thursday.
Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has applauded the Central Bank of Nigeria on the introduction of ‘Naira 4 Dollar Scheme’ for diaspora remittances following its policy of remittance issuance in the currency of remittance.
incentivizing users to receive money through banks by giving them â¦5 for every $1.
In the last few years, the Central Bank of Nigeria (CBN) has been in a war to keep the exchange value of the naira stable against the dollar. Between 2015 and 2016, this task was easy because oil prices were stable and it pegged the official rate at $1 to N360.
But a lot has changed since then with record low oil prices, two recessions and at least three stealthy devaluations of the Naira. The reality is that rising demand for the dollar is putting pressure on the Naira but the CBN remains opposed to the markets determining the FX rates.
Fidelity Bank has restated support for the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by improving Diaspora remittances and foreign exchange (FX) inflows into the country.