The CBN has frowned at activities of some International Money Transfer Operators who continue to facilitate diaspora remittances into the country in Naira.
The Central Bank of Nigeria (CBN) has threatened to shut the accounts of operators who continue to violate diaspora remittance regulations as well as |
Naira falls against dollar as CBN vows sanctions over remittances
Naira lost both at the import and export window, and the parallel market.
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Naira weakened against the U.S. dollar on Thursday at the Investors & Exporters (I&E) window of the foreign exchange market, data from the
Naira closed at N394.17 at the Friday trading session, representing N0.17 or 0.04 per cent decrease from N394.00, the rate at which it closed at the previous session.
The depreciation happened as turnover contracted by 42.2 per cent, with $44.51 million recorded as against the $77.04 million posted on Thursday.
The local unit witnessed an intraday high of N390 and a low of N39.700 before closing at N394.17.
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It had earlier exchanged for 473/$ for most of last week.
At the Investors & Exporters forex window, it closed at N388/$ after it had reached a high of N415/$.
The country’s external reserves rose by $930m from $35.37bn as of December 31, 2020 to $36.30bn as of January 14, 2021, figures from the Central Bank of Nigeria had revealed.
According to the Association of Bureaux De Change Operators of Nigeria, the Central Bank had continued to ensure it achieved exchange rate stability.
It had also continued to ensure that foreign exchange was made available to manufacturers and end users who needed the funds for their medical trips, school fees payment, travel allowances among others.
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