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Diaspora Remittances: CBN Starts Paying N5 for Every $1 Received

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US Dollar - Investorsking.com

CBN to Pay  Receivers of Diaspora Remittances N5 for Every $1 Received

In a desperate move to encourage diaspora remittances, the Central Bank of Nigeria (CBN) has introduced the ‘CBN Naira 4 Dollar Scheme’ to pay diaspora remittance recipients.

In the apex bank latest circular directed to all Deposit Money Banks, International Money Transfer Operators (IMTOs) and the General Public on Sunday, the central bank said the move was to encourage inflows of diaspora remittances.

It said “In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria (CBN) hereby announces the introduction of the “CBN Naira 4 Dollar Scheme”, an incentive for senders and recipients of international Money Transfers.

“Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

The new CBN Naira 4 Dollar Scheme was introduced after the apex bank failed to attract enough diaspora remittances following the November 2020 declaration that recipients of diaspora remittances can now receive their funds in US Dollars.

However, because of the negative impact of COVID-19 on diaspora Nigerians, remittances to Africa’s largest economy plunged in 2020 and has remained below CBN’s projected $1.8 billion to $2 billion per month. The idea was to flood the economy with about $20 billion yearly diaspora remittance.

Therefore, the central bank was forced to introduce a new initiative gear towards luring diaspora remittances into the economy to complement dwindling foreign reserves caused by the weak crude oil production of 1.4 million barrels per day and the generally weak revenue generation.

The weak fiscal buffer amid persistent dollar scarcity that has plunged the Naira value against global counterparts is forcing the apex bank to take obvious desperate moves to sustain Nigeria’s weak economic recovery.

Nigeria’s economy unexpectedly rebounded from the recession with a 0.11 percent growth rate in the fourth quarter of 2020 despite manufacturing and other key sectors still contracting.

The central bank said “In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by designated beneficiary. This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account.

“In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.”

The apex bank added the new initiative will take effect today, March 8, 2021.

Please note having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021,” CBN stated.

Download the circular here naira4dollar.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Naira

Naira Exchange Rates Today, Tuesday, August 3, 2021

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nigerian currency - Investors King

Naira gained N1 against the United States Dollar on Tuesday to open the day at N504 at the parallel market, popularly known as the black market. Against the British Pound and the Euro, the Naira exchanged at N710 and 600, respectively.

At the bureau de change section, Naira remained at N520 to a United States Dollar, N715 to a British Pound and N603 to a Euro. That was after the Central Bank of Nigeria halted forex allocations to BDCs operators across the nation.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
03/08/2021 504/510* 700/710* 590/600* 70/75 410/420 305/330
02/08/2021 505/512 700/710 590/600 70/75 410/420 305/330
30/07/2021 508/515 705/712 590/597 70/75 410/420 305/330
29/07/2021 512/520 705/715 590/600 70/75 410/420 300/325
28/07/2021 515/525 700/710 590/600 63/70 410/420 300/320
27/07/2021 500/505 695/703 585/592 62/69 407/415 300/320
26/07/2021 500/504 695/703 585/592 62/69 407/415 300/320
23/07/2021 500/504 698/705 588/595 62/69 407/415 300/320
22/07/2021 498/503 695/703 585/590 62/69 407/415 300/320
19/07/2021 495/503 698/705 585/592 62/69 407/415 300/320
16/07/2021 502/506 700/708 590/596 62/69 407/415 300/315
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
03/08/2021 500/520 705/715 590/603
02/08/2021 500/520 705/715 590/603
30/07/2021 500/515 705/715 590/603
29/07/2021 510/525 705/715 590/602
28/07/2021 510/520 695/706 585/600
27/07/2021 490/500 690/700 580/595
26/07/2021 490/500 694/705 580/595
23/07/2021 490/500 694/705 580/595
22/07/2021 490/500 690/705 580/595
19/07/2021 490/500 690/707 580/595
16/07/2021 490/500 700/710 585/600
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600

Central Bank of Nigeria’s Official Naira Rates

N.B: These tables are updated three times a day.

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Naira

Naira Exchange Rates Today, Friday, July 30, 2021

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BDC Operators - Investors King

Naira gained N5 against the United States Dollar on Friday morning to N515 at the parallel market popularly known as the black market.

Against the British Pound, the local currency dropped N2 from N710 recorded on Wednesday to N712 on Friday, while against the European it remained at N597, the same rate it traded in the last three days.

The Naira plunged against its global counterparts after the Central bank of Nigeria accused Bureau De Change Operators (BDCs) of illicit money flows and market manipulations that over time have sustained the unregulated black market section of forex.

Operators at the bureau de change section of forex had been accused of being the main source of forex for speculators and hoarders that manipulate forex rates at the unregulated black market, this the CBN plans to curb by cutting its weekly forex supply to BDCs but focus on servicing the economy through the banks.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
30/07/2021 508/515 705/712 590/597 70/75 410/420 305/330
29/07/2021 512/520 705/715 590/600 70/75 410/420 300/325
28/07/2021 515/525 700/710 590/600 63/70 410/420 300/320
27/07/2021 500/505 695/703 585/592 62/69 407/415 300/320
26/07/2021 500/504 695/703 585/592 62/69 407/415 300/320
23/07/2021 500/504 698/705 588/595 62/69 407/415 300/320
22/07/2021 498/503 695/703 585/590 62/69 407/415 300/320
19/07/2021 495/503 698/705 585/592 62/69 407/415 300/320
16/07/2021 502/506 700/708 590/596 62/69 407/415 300/315
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
30/07/2021 500/515 705/715 590/603
29/07/2021 510/525 705/715 590/602
28/07/2021 510/520 695/706 585/600
27/07/2021 490/500 690/700 580/595
26/07/2021 490/500 694/705 580/595
23/07/2021 490/500 694/705 580/595
22/07/2021 490/500 690/705 580/595
19/07/2021 490/500 690/707 580/595
16/07/2021 490/500 700/710 585/600
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600

Central Bank of Nigeria’s Official Naira Rates

N.B: These tables are updated three times a day.

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Naira

Naira Exchange Rates Today, Thursday, July 29, 2021

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Naira to Dollar Exchange- Investors King Rate - Investors King

Naira continues its decline across the board as forex scarcity persists following the Central Bank of Nigeria’s decision to cut off the bureau de change forex section.

The Naira exchanged against the United States Dollar at N520 on Thursday at the black market. Against the British Pound and the Euro, the local currency exchanged at N715 and N600, respectively.

The Central Bank of Nigeria had accused Bureau de Change operators of engaging in money laundering and illicit flows with criminal-minded individuals that operate mainly at the unregulated black market section of forex.

Operators at the bureau de change section of forex had been accused of being the main source of forex for speculators and hoarders that manipulate forex rates at the unregulated black market, this the CBN plans to curb by cutting its weekly forex supply to BDCs but focus on servicing the economy through the banks.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
29/07/2021 512/520 705/715 590/600 70/75 410/420 300/325
28/07/2021 515/525 700/710 590/600 63/70 410/420 300/320
27/07/2021 500/505 695/703 585/592 62/69 407/415 300/320
26/07/2021 500/504 695/703 585/592 62/69 407/415 300/320
23/07/2021 500/504 698/705 588/595 62/69 407/415 300/320
22/07/2021 498/503 695/703 585/590 62/69 407/415 300/320
19/07/2021 495/503 698/705 585/592 62/69 407/415 300/320
16/07/2021 502/506 700/708 590/596 62/69 407/415 300/315
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
29/07/2021 510/525 705/715 590/602
28/07/2021 510/520 695/706 585/600
27/07/2021 490/500 690/700 580/595
26/07/2021 490/500 694/705 580/595
23/07/2021 490/500 694/705 580/595
22/07/2021 490/500 690/705 580/595
19/07/2021 490/500 690/707 580/595
16/07/2021 490/500 700/710 585/600
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
7/28/2021 US DOLLAR 409.16 409.66 410.16
7/28/2021 POUNDS STERLING 567.8322 568.5261 569.22
7/28/2021 EURO 483.0543 483.6446 484.2349
7/28/2021 SWISS FRANC 446.8276 447.3736 447.9196
7/28/2021 YEN 3.7163 3.7208 3.7253
7/28/2021 CFA 0.7176 0.7276 0.7376
7/28/2021 WAUA 580.7934 581.5032 582.2129
7/28/2021 YUAN/RENMINBI 62.9303 63.0077 63.085
7/28/2021 RIYAL 109.0919 109.2252 109.3585
7/28/2021 SOUTH AFRICAN RAND 27.6161 27.6498 27.6836

N.B: These tables are updated three times a day.

 

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