Views: Visits 13 Godwin Emefiele, CBN Governor. By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, said it has extended its Naira 4 Dollar Scheme until further notice. The apex bank disclosed this in a circular titled: “Re: Introduction of the CBN’s “Naira 4 Dollar Scheme’’, for Diaspora Remittances.” The circular, signed by Director, Trade and Exchange Department, CBN, Saleh Jibrin stated: “Further to the CBN Circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on May 8, 2021, we hereby announce the continuation of the scheme until further notice.” READ ALSO: CBN releases list of 47 approved IMTOs Recall, that in an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the CBN introduced the Naira 4 Dollar Scheme as an incentive for senders and recipients of International Money Transfers,
Diaspora Remittances: CBN releases updated list of IMTOs in Nigeria
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Tanzania overtakes South Africa as Kenya’s top remittance source
Thursday April 22 2021
A trader at Muthurwa market in Kenya s capital Nairobi counting money after the day’s sales. PHOTO | FILE | NATION MEDIA GROUP
Summary
Dollar inflows from African countries into Kenya dropped 65.9 per cent in the first three months this year.
The sharp decline in inflows was driven by lower remittances from South Africa, which was the biggest source last year but has since slipped behind Tanzania and Uganda.
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Dollar inflows from African countries into Kenya dropped 65.9 per cent in the first three months this year, with Tanzania overtaking South Africa as the biggest source of remittances.
THE STANDARD
MONEY & CAREERS
Central Bank of Kenya Headquarter in Nairobi (PHOTO: FILE)
NAIROBI, KENYA: Kenyans abroad sent more money back home last month compared to the same month last year, the latest data by the Central Bank of Kenya reveals.
Remittances in March 2021 amounted to Sh31.2 billion (US$290.8 million), compared to Sh24.5 billion (USD 228.8 million) in March 2020, an increase of 27.1 per cent.
The US remains the largest source of inflows, accounting for 55.9 per cent of remittances in March 2021. The other top source countries were the United Kingdom (11.2 per cent), Saudi Arabia (4.0 per cent), Canada (2.9 per cent), and Australia (2.9 per cent).
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