Due to the ever-increasing volume of money transfer from Malaysia to Nigeria, Remitano, a global escrow-marketplace, has just launched a smart, free, and safe approach for cross-border money transfers. This system will allow Nigerians to send and receive money from Malaysia and other countries without incurring the high fees charged by most traditional Nigerian banks.
Fast Remittance and Cheaper Average Costs for Money Transfers between Malaysia and Nigeria
As a result of the launch of Remitano’s international cash-out features, Nigerians can now send and receive money from their families and friends in Malaysia multiple times faster than traditional Nigerian banks and other payment platforms.
As you can see in the above table, Remitano fees are minimal and always transparent, unlike other Remittance providers with additional charges upon usage. Remitano is a leading peer-to-peer crypto exchange that continuously seeks to use blockchain technology to improve international money transfers therefore creating seamless fiat transfers across borders.
How to use the “Cash-out Internationally” feature
The newly launched feature simply helps you convert Malaysian Ringgit (MYR) to the Nigerian Naira (NGN) and vice-versa, without going to the bank. Remitano provides a secure and fast means to set up and make payments in local currencies. The equivalent amount is sent securely from your fiat wallet to the recipient’s wallet.
Why Choose Remitano Exchange over Other Remittance platforms?
Besides the growing inflation on the Nigerian Naira (NGN), the lack of proper banking access and remittance platforms in Nigeria seem to be one reason why Nigerians are turning to cryptocurrency. The absence of proper banking facilities makes it harder for Nigerians to open bank accounts and make swift international payments.
By proactively implementing this payment feature, Remitano is able to provide users with these benefits –
1. Lower transactions fees and time
The “cash-out Internationally” feature helps to overcome the disadvantages of the usual way to carry out international money transfers, such as expensive transaction fees, complicated transfer procedures, and long transaction time.
2. Instant deposits and withdrawals
Deposit or withdraw Naira with ease, and take advantage of instant internal transactions across all cryptocurrencies using instant trading tools. This feature is particularly important right now, given that low income earners in Nigeria are having a hard time getting paid through their local bank accounts and unable to meet their remittance needs. Unlike other platforms, a deposit or withdrawal reversal on Remitano can only happen when a scheduled bank transfer is canceled for insufficient funds or any other reason arising from the user’s bank.
3. Very friendly User Interface
Experience an easy-to-use website and app interface that provides a quality experience. From fiat wallets to deposit and withdrawal buttons, you can find what you need within the blink of an eye.
Remitano is a product of Babylons Solutions Limited based in Seychelles. Remitano’s purpose is to offer a robust, quality trading experience to all users as a fast-moving marketplace. With necessary safety standards in place, buyers and sellers can come together, store, trade, and withdraw assets, thus avoiding issues common to other crypto exchanges.
Launched in 2014, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.
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Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA
Foreign airlines operating in Nigeria are having difficulties repatriating funds back to their operational base.
The sum of $53 million, which is the proceeds from sales of foreign airlines’ ticket, are trapped in Nigeria.
This was disclosed by the International Air Transport Association’s (IATA) Regional Vice President for Africa and the Middle East (AME), Mr. Muhammed Albakri, at its 76th Annual General Meeting.
Albakri explained that foreign airlines operating into Nigeria are having difficulties repatriating the fund back to their operational base.
He stated that Nigeria and other African countries have blocked funds that amounted to $516 million.
He said, “IATA has been at the forefront of the campaign, soliciting governments’ support for the aviation industry in order to salvage the situation.”
Nigeria is not the only country with trapped funds but fourth among 12 others with similar issues.
Others African states are Zimbabwe $160 million; Eritrea $79 million; Algeria $54 million; Ethiopia $52 million; Sudan $45 million; Libya $27 million; XAF Zone $27 million; Angola $9 million; Mozambique $6 million; Burundi $3 million and Zambia $1 million.
What it means: The IATA’s disclosure is an indication that the airlines could not access foreign exchange (forex) by operators due to COVID-19 pandemic, as most countries are struggling economically with its attendant effect on global airline industry.
What you need to know: International airlines are owed $824 million globally and $516 million out of $824 million in blocked funds is in Africa. With the IATA revelation, it means the rest of the world has $308 million of the blocked funds.
National Assembly does not have power to replace constitution – Omo-Agege
The Deputy Senate President has stated that the National Assembly does not have the power to replace the constitution.
The Deputy President of Senate, Ovie Omo-Agege, has stated that the National Assembly does not have the power to replace the constitution.
The Senator disclosed this at a meeting with the Alliance of Nigerian Patriots led by Amb. Umunna Orjiako on Wednesday. He was represented by his media aide, Mr. Yomi Odunuga.
Omo-Agege said what could be achieved was an amendment of the constitution by the National Assembly. He urged stakeholders to channel the demands of a new constitution towards constitutional amendment.
“I am not so sure that we as a Parliament have the power to replace the Constitution. We can only make amendments and it is explicit in sections 8 and 9 of the constitution on how we can do that and the requisite number of votes required.
“I say that because there are some top attorneys in this country, who for some reasons, keep saying that we don’t even need any of this, that we should just bring a new constitution. We can’t do that.
“What we are mandated to do by law is to look at those provisions and bring them up-to-date with global best practices, especially to the extent that it tallies with the views of the majority of Nigerians. So we are not in a position to replace this constitution, but we can only amend.”
The senator also said that the Senate would look into issues like restructuring if there is a major demand for it from Nigerians and also the exclusive legislative list.
“But, like I said, most of the issues you have raised here, like zones replacing states, that’s another euphemism for going back to the regions. We will look into that if that is what majority of our people want.
“You talked about devolution of powers. The preponderance of views we have received so far is that those 68 items are very wide and need to shed some weight and move them to the Concurrent Legislative List.”
What you should know
- Nairametrics reported last week, that Sokoto State Governor, Aminu Tambuwal, said any plan to restructure Nigeria and the Constitution must pass through legal due process from the National Assembly.
Dapo Abiodun presents N339 billion budget to Ogun State Assembly
Ogun State Governor has presented a N339 billion 2021 budget to the State House of Assembly.
The Governor of Ogun State, Prince Dapo Abiodun, presented the N339 billion budget for 2021 tagged “Budget of Recovery and Sustainability,” to the Ogun State House of Assembly.
This was disclosed by the Governor on Wednesday after he presented the budget proposal to the House. He added that the budget will remain focused on completing as many projects as possible.
I have just presented the Appropriation Bill for the Year 2021, tagged "Budget of Recovery and Sustainability" at the Ogun State House of Assembly, following inputs from stakeholders across the three Senatorial Districts in the State. pic.twitter.com/laWjnFzxkv
— Prince Dr. Dapo Abiodun – MFR (@dabiodunMFR) December 2, 2020
What they are saying
“Aggregate expenditure for the State Government is N339billion, with a recurrent expenditure of N162billion and capital expenditure of N177billion,” the State Governor said in his statement.
He added that the budget would be focused on project completion in the state.
“The budget remains focused on the completion of as many ongoing projects as possible. The State House of Assembly would be presented with the most critical projects, which we must all work collectively to ensure they receive adequate funding,” he said.
He also said that the budget will provide suitable grounds for recovery from the obvious economic challenges of the current fiscal year, while ensuring that Ogun State’s local economy remains sustainable going forward.