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Tag Archives: CBN

Nigerians In Diaspora Remit N26.9 Trillion To The Economy In Five Years

Nigeria is the largest recipient of remittances in Africa. N26.9 trillion is equivalent to Nigeria’s budget over 5 years. In five years, Nigerians in the diaspora remitted to the Nigerian economy S77.06 billion (about N26.9 trillion), according to the National Migration Policy report of 2015. The report was published for …

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The Naira Inches Towards N280 Per US Dollar

The Nigerian currency, the Naira is inching towards  the N280 to the dollar opening rate at the Financial Markets Dealers Qoute (FMDQ). The naira on Wednesday closed at N304.75 to the dollar at the official interbank market from N305 recorded on Tuesday. At the Bureau De Change (BDC) window, the naira …

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CBN Renews Strategy For Naira-Yuan Swap Deal

The Central Bank of Nigeria (CBN) yesterday, raised the hope that the lingering Naira-Yuan swap deal will be achieved as part of strategies to reducing the huge dollar demand pressure on the local currency. The CBN Governor, Godwin Emefiele, gave the indication at the ongoing International Monetary Fund/World Bank Group …

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The Naira may record gains next week

The naira is expected to stabilise on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the Central Bank of Nigeria directive. “We have started receiving dollar supply from Travelex and we expect this to gradually impact positively on the …

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WorldRemit calls for urgent restoration of money transfers to Nigeria

London. August 2nd, 2016: WorldRemit, a leading online remittance provider, is calling for the urgent restoration of money transfers to Nigeria as draconian new rules leave virtually all money transfer operators (MTOs) unable to provide services to the West African country. Only three companies – Western Union, MoneyGram and Ria …

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Central Bank of Nigeria imposes a new biased and draconian rule on money remittance

The Central Bank of Nigeria has suddenly changed its policy toward money transfer operators, effectively blocking many services used by Nigerians to send money to and from the country. The decision to revoke the licenses of all but three money transfer companies was backed by a warning, issued on Tuesday, …

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CBN Governor tells Nigerians not to panic as bank shake-up looms

Nigeria’s Godwin Emefiele is urging people not to panic about the banking system, saying he is on top of any trouble resulting from the worst crisis in Africa’s biggest economy for decades. For now, depositors and investors are generally giving the Central Bank of Nigeria Governor the benefit of the …

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