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Merchantrade, NPCI to offer real-time remittances to India through UPI
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Summary And Indepth Analysis Of The CBN Naira For Dollar Scheme, By Peter C J
Why are they willing to give you N5/$ for money you can send out and back in again without impacting the economy? Sounds like someone is Desperate to cover Erodded #ShareHoldersFunds, in this case, our National Cake!
by PETER C J
Mar 08, 2021
CBN NAIRA 4 DOLLAR PROMO
~ another failure-on-arrival policy?
Nigerians woke up today to a new Promotional Scheme by the CBN on Foreign Exchange (Forex) Remittances from diaspora. In summary, if you receive $100 dollar from that Uncle abroad, CBN, through the receiving Commercial Bank, will pay you $100, and an additional N500 for your troubles, that s of course, if you get in the money through CBN Licenced International Money Transfer Operator (IMTO). According to the CBN, this is to encourage (Forex) inflow into the country.
Diaspora Remittances into Nigeria fall 27% to $12.9bn
On
By Babajide Komolafe
Diaspora remittances into Nigeria fell by 27 percent, year-on-year (y/y) to $12.9 billion as at September 2020 from $17.6 billion in the corresponding period of 2019.
The 27 percent decline is 3.9 percentage points higher than the 23.1 percent decline projected by the World Bank for the Sub Sahara Africa region in 2020.
However, quarter-on-quarter, remittances into the country rose in the third quarter of 2020 (Q3’20) by 14.8 percent, thus reversing the declining trend recorded in Q2’20.
In its Q3’20 Economic Report, the Central Bank of Nigeria (CBN) stated: “Inflow of personal transfers in the form of workers’ remittances increased significantly by 14.8 per cent to $3.87 billion, relative to $3.37 billion in the second quarter of 2020.”
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