- No forex for study abroad
- Nigerian Naira Exchange Rate (USD to NGN) - News &Forecasts
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- Foreign exchange controls in Nigeria lead to varied reactions among manufacturers
In this tracker, Nairametrics collates a timeline of all the forex-related policy decisions and denials that have occurred since March This timeline is updated regularly as new information becomes available. The exchange rate between the naira and the US Dollar depreciated to close at N This is as the CBN Governor has suggested that the official exchange rate has been devalued.
This represents 0. To streamline supply and ensure there is enough to meet rising demand, the CBN moved to ensure strict monetary control of the forex market threatening to expel exporters who refuse to remit foreign exchange proceeds in the NAFEX market. It also warned against paying diaspora remittances in naira.
No forex for study abroad
The CBN may have also confirmed the forex pressures businesses are facing in its monetary policy communique of January 26, when it cited it as a reason for the weak purchasing managers index. The Central Bank of Nigeria CBN in a new circular, read the riot act to the International Money Transfer Operators IMTOs as they have threatened to sanction some of them who still facilitate diaspora remittances in naira, contrary to its earlier directive that it must be in foreign currency.
Central Bank of Nigeria CBN issued an update to its recent circular on the management of remittances from diaspora Nigerians. In a circular posted on its website, the apex bank instructed banks to transfer all diaspora remittances to the domiciliary accounts of the beneficiaries or pay the customers in foreign currency. On payment of foreign transfers, it also clarified that the choice of how the money should be paid, whether transfer or dollar cash withdrawal, was left to the beneficiary of the remittance.
The circular also instructed the IMTOs to ensure the foreign currency was deposited into their corresponding deposit money bank accounts.
Nigerian Naira Exchange Rate (USD to NGN) - News &Forecasts
It also confirmed banks were to pay the dollars to the beneficiaries either via transfers to domiciliary accounts or in cash. The disclosure was made in a circular issued by the CBN on Monday, November 30, , to all authorized dealers and the general public, and signed by its Director for Trade and Exchange Department, Dr O.
Central Bank of Nigeria CBN , in a new circular, clarified its position on the removal of third parties from buying of foreign exchange routed through Form M, letters of credit, and other forms of payment.
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The circular was a follow-up to one earlier issued by the apex bank on the same subject matter in August The Federal Government announced plans to make foreign exchange available to petroleum product marketers, in order to make the importation of petrol into the country competitive, reduce the rising cost of the product, and stop the overdependence on the Nigerian National Petroleum Corporation NNPC for its importation.
That was also as businesses that were shut down due to the outbreak of violence in Lagos and some parts of the country during the protests against the special anti-robbery unit SARS and police brutality by the Nigerian youths got back to full activity.
Forex: Nigerian manufacturers seek policy review, rates unification
Banks limited foreign exchange transactions by both individuals and corporate organizations on the unofficial black market to curb speculation. That was despite the continuation of the protest against the special anti-robbery unit SARS by the Nigerian youth which limited movement in major cities across the country, especially Lagos. That was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
However, the exchange rate against the dollar failed to sustain the initial gains made, after the CBN announced plans to provide liquidity.
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BDC operators urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses. The move comes as great relief to students who have struggled for almost a year with long processing times for foreign currency applications and inflated exchange rates on the parallel market. The Central Bank of Nigeria will begin supplying dollars immediately to retail clients via commercial lenders.
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Foreign currency for study abroad has been difficult to come by in Nigeria since the government halted sales in March last year. The CBN began issuing foreign currency again in June , but the amount customers have been able to access has been heavily restricted. Combined with the already low value of the naira, this lack of access to currency has curbed access to study abroad.
Foreign exchange controls in Nigeria lead to varied reactions among manufacturers
Before now Nigerians wey dey collect moni from family and friends wey dey abroad dey only fit collect di Naira equivalent of di amount wey dem transfer give dem. Also di only foreign currency wey dem fit to withdraw na di one wey di account owner take im hand pay put for im account and not di wan dem remit to im account from abroad. Dis new foreign exchange policy na to boost di supply of dollars wey don turn scarce commodity into di kontri economy.
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Oga Emefiele add say di new policy go make sure say speculators no go fit scata di kontri foreign exchange policy. CBN new policy go allow you collect moni from friends abroad in foreign currency. Atiku Abubakar advice President Buhari goment on how to comot Nigeria from recession See how many times Nigeria don enter recession under President Buhari.