Forex

Nigerians in Diaspora Remit N23.5tr to Economy in Five Years

Published

7 years ago

October 31, 2016

Nigerians in Diaspora Remit N23.5tr to Economy in Five Years

In five years, Nigerians in the diaspora remitted to the Nigerian economy S77.06 billion (about N23.5 trillion), according to the National Migration Policy report of 2015.

The remittances were made in bits for the five years of 2005, 2007, 2008, 2012 and 2013.

The report was published for the Nigerian government by the International Organisation for Migration (IOM) with funding provided by the European Union (EU) under the 10th European Development Fund programme on “Promoting Better Management of Migration in Nigeria.”

The document which was made available further stated: “The total volume of remittances transferred globally to developing countries far exceeds Overseas Development Assistance [ODA]. Nigeria is the largest recipient of remittances in Sub-Saharan Africa with receipts of approximately 65 per cent of officially recorded remittances into the region and two per cent of global flows, quoting statistics from the Central Bank of Nigeria (CBN).”

The report noted that while remittances are private funds used by migrants’ families to meet daily needs such as health, education and food, they are also invested in improvement to homes, purchase of landed property and entrepreneurial pursuits.

‘‘Strategies should be developed to encourage Nigerians in the diaspora to invest remittances through efficient formal channels at low transfer cost, as well as to encourage senders and recipients to invest part of their savings.

“Preferential interest rates on savings and opportunities for direct foreign investments for commercial entrepreneurial and other productive activities by the diaspora and the recipients of remittances should be encouraged,’’ the report stated.

According to the document, the development only showed that Nigerians in the diaspora are active and resourceful population, an indication that the country has an active working population out there.

Meanwhile, the Commissioner for Refugees, Migrants and Internally Displaced Persons (IDPs), Sadiya Umar Farouq has expressed gratitude to the Swiss government for supporting the second in a series of the national migration dialogue with $450 million. The event is scheduled to hold in December 2016.

Represented by Amina Ibrahim at a two-day workshop held in Saminaka, Kaduna State, Farouq said that the Swiss government had demonstrated concrete commitment to issues of migration management in Nigeria.

‘‘There are two issues that are immediate priorities and we intend to take them concurrently. One is to design a very practical and durable solution programme that may have a life span of three years to provide the various reintegration options for the IDPs in Nigeria. And the other is to facilitate the domestication of the Kampala Convention through the NCFRMI Enabling Act as well as pursue the approval of the National IDPs Policy which will provide a framework for sharing responsibilities among other various actions,’’ she said.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Forex

Yen Hits 34-Year Low Against Dollar Despite Bank of Japan’s Inaction

Published

40 mins ago

April 26, 2024

Samed Olukoya

The Japanese yen plummeted to a 34-year low against the US dollar, sending shockwaves through global financial markets.

Despite mounting pressure and speculation, the Bank of Japan (BOJ) chose to maintain its key interest rate.

The yen’s relentless slide, extending to 0.7% to 156.66 against the dollar, underscores deep concerns about Japan’s economic stability and the efficacy of its monetary policies.

BOJ Governor Kazuo Ueda’s remarks at a post-meeting news conference did little to assuage fears as he acknowledged the impact of foreign exchange dynamics on inflation but downplayed the yen’s influence on underlying prices.

Investors, already on edge due to the yen’s dismal performance this year, are now bracing for further volatility amid speculation of imminent intervention by Japanese authorities.

The absence of decisive action from the BOJ has heightened uncertainty, with concerns looming over the potential repercussions of a prolonged yen depreciation.

The implications of the yen’s decline extend far beyond Japan’s borders, reverberating across global markets. The currency’s status as the worst-performing among major currencies in the Group of Ten (G-10) underscores its significance in the international financial landscape.

Policymakers have issued repeated warnings against excessive depreciation, signaling a commitment to intervene if necessary to safeguard economic stability.

Finance Minister Shunichi Suzuki reiterated the government’s readiness to respond to foreign exchange fluctuations, emphasizing the need for vigilance in the face of market volatility.

However, the lack of concrete action from Japanese authorities has left investors grappling with uncertainty, unsure of the yen’s trajectory in the days to come.

Market analysts warn of the potential for further downside risk, particularly in light of upcoming economic data releases and the prospect of thin trading volumes due to public holidays in Japan.

The absence of coordinated intervention efforts and a clear policy stance only exacerbates concerns, fueling speculation about the yen’s future trajectory.

The yen’s current predicament evokes memories of past episodes of currency turmoil, prompting comparisons to Japan’s intervention in 2022 when the currency experienced a similar downward spiral.

The prospect of history repeating itself looms large, as market participants weigh the possibility of intervention against the backdrop of an increasingly volatile global economy.

As Japan grapples with the yen’s precipitous decline, the stakes have never been higher for policymakers tasked with restoring stability to the currency markets. With the world watching closely, the fate of the yen hangs in the balance, poised between intervention and inertia in the face of unprecedented challenges.

Naira

Dollar to Naira Black Market Today, April 25th, 2024

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

24 hours ago

April 25, 2024

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,260 and sell it at N1,250 on Wednesday, April 24th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,300
Selling Rate: N1,290

Naira

Dollar to Naira Black Market Today, April 24th, 2024

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 24, 2024

Samed Olukoya

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,250 and sell it at N1,240 on Tuesday, April 23rd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.