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Home Business News

CBN condemns receiving foreign currency in transfers

Chidinma Nwagbara by Chidinma Nwagbara
February 14, 2020
in Business News
parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

CBN Governor Godwin Emefiele

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The Central Bank of Nigeria (CBN) has lamented over the rates international money transfers are done in foreign currencies by Nigerians, saying it is detrimental to naira.

This was disclosed by the Director, Trade and Exchange, CBN, Ozeomena Nnaji. She explained that the remittances in the diaspora between January 2016 and December 2019 are currently being investigated by three committees.

CBN condemns foreign money transfers to Nigeria 

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Nnaji said that Nigeria has a spending policy that guides its currency because of the effect of spending foreign currency in Nigeria has on the value of the naira. She said when money comes in as either dollars or euros, it is important to exchange it and get the naira currency as this promotes the naira value and the exchange rate stability.

“If the dollar and euro are everywhere, what happens to our currency, the Naira now is not an internationally accepted currency, if we dilute it, it will have consequences. We want our Naira to be acceptable by other West African countries; we want it to be an internationally accepted currency. 

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“If we have more funds come in as remittances, our foreign reserves go up, and when that happens, the confidence in the Nigerian economy will go up. It helped in price stability and exchange rate stability management and that the apex bank was interesting in increasing Diaspora remittances,” Nnaji added.

[READ MORE: CBN’s N154.38 billion T-bills auction oversubscribed by 46% as rates fall marginally)

Nnaji while speaking further hinted on the World Bank report that says Nigeria received 25 billion dollars Diaspora remittances in 2019. According to her, the CBN only received 10 million dollars between 2016 and 2019.

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“If the World Bank says 25 billion dollars for 2019; their formula for calculating is based on cash, kind and trend analysis. “What the CBN counts is the physical cash that comes in through the banks and International Money Transfer Operators,” she said in a report by the Vanguard.

According to the world bank, Nigeria’s foreign remittances are estimated at $25 billion as of 2019 and remain one of the highest in the world. CBN data also reveals Nigeria’s visible and invincible import stood at $38 billion as of October 2019 (Invincible was $25 billion). It was $40.8 billion for the entire 2018.

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Tags: Central Bank of NigeriaOzemena Nnaji

Comments 2

  1. Emmanuel says:
    February 17, 2020 at 8:56 am

    They should sha work on improving the economy.

    Reply
  2. e says:
    March 23, 2020 at 5:21 pm

    They should work on improving the economy. If they were sincere in their effort and not in rhetorics this will not be happening. I’m sure the CBN governor himself has converted his earning to USD$. Jokers!

    Reply

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