Monday, January 30, 2023
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

Gwadabe raises concern over CBN’s Naira4Dollar Scheme

Ehime Alex by Ehime Alex
March 8, 2021
in BUSINESS & ECONOMY, Money
0
Financial Street - Financial inclusion: Nigerian entrepreneurs tap growing demand for PoS services
2
SHARES
30
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

President, Association of Bureau de Change Operators of Nigeria, Aminu Gwadabe, has expressed worry over the Central Bank of Nigeria’s Naira4Dollar Scheme.

The incentive, which took effect on Monday, March 8, 2021, is aimed at increasing dollar remittance into the country’s economy.

READ ALSO

Afrinvest highlights investment outlook, opportunity for 2023

Lowering life’s risks through insurance

Gwadabe, in a chat with Financial Street on Monday, pointed out some issues to be addressed, including the sender in terms of cost, speed and value.

Read Also:

  • Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands
    Afrinvest, Interswitch, Obiano, UBA lead top 10 performing…
  • Absence of sacrifice hurting our polity, elections – Enechionyia
    Absence of sacrifice hurting our polity, elections –…
  • Scholarly opportunities in W’Africa and youth development
    Scholarly opportunities in W’Africa and youth development

“The CBN still needs to look into the concerns of the sender in terms of cost, speed and value,” he stated.

According to him, deepening the remittances space by including the Bureaux de Change will go a long way in ensuring price equilibrium, transparency and global competitiveness.

While commending CBN for the incentive, he said it was one of the steps that would attract inflows into the official foreign exchange window, as a large chunk of the inflows passes through unregulated channels.

“If properly complied to by the operators, it will go a long way in boosting liquidity in the market and subsequently exchange rate stability,” Gwadabe added.

The apex bank had, in a recent circular entitled ‘Introduction of the CBN’s “Naira4 Dollar Scheme” for Diaspora Remittances,’ announced to pay N5 for every $1 received as remittance inflow for the next two months.

“Accordingly, all recipients of diaspora remittances through CBN-licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow.

“Policy on the administration of remittance flows is aimed at increasing the transparency of remittance inflows, reducing rent-seeking activities and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to Nigeria,” CBN stated in the circular.

Tags: Bureau de changeCBNNaira4Dollar Scheme

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

Afrinvest West Africa
BUSINESS & ECONOMY

Afrinvest highlights investment outlook, opportunity for 2023

December 8, 2022
Nigeria Insurance
Front Page

Lowering life’s risks through insurance

December 5, 2022
business technology
BUSINESS & ECONOMY

IT and going concerns

November 30, 2022
Afrinvest soars
BUSINESS & ECONOMY

Tech-driven, growth-oriented Afrinvest soars in wealth management

November 21, 2022
BUSINESS & ECONOMY

Changing face of Nigeria’s financial industry with Optimus

November 14, 2022
as CBN redesigns N200
BUSINESS & ECONOMY

As CBN redesigns N200, N500, N1,000 bills…

November 7, 2022
Next Post
Facebook launches book on African women

On IWD, NUPENG makes case for women


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Zelenskyy

Zelenskyy names Ezekwesili, others ‘Grain from Ukraine’ envoys

January 27, 2023
Absence of sacrifice hurting our polity, elections – Enechionyia

Absence of sacrifice hurting our polity, elections – Enechionyia

January 26, 2023
Brands in Nigeria

Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

January 25, 2023
Rhodes Scholarships

Scholarly opportunities in W’Africa and youth development

January 24, 2023
Christmas and New Year holidays

Frustration of bank customers during public holidays

January 17, 2023

OAA agency celebrates as founder joins tourism experts

January 14, 2023
Ehizua Hub

Ehizua Hub, Igbinedion launch IUO Okada Hub

January 14, 2023

TRENDING

  • Brands in Nigeria

    Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

    0 shares
    Share 0 Tweet 0
  • Absence of sacrifice hurting our polity, elections – Enechionyia

    0 shares
    Share 0 Tweet 0
  • Scholarly opportunities in W’Africa and youth development

    0 shares
    Share 0 Tweet 0
  • Case for petty trading and investment in Nigeria

    0 shares
    Share 0 Tweet 0
  • Why Nigerian consumers prefer foreign goods

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS