The name of the currency in Dubai and the United Arab Emirates is the dirham (AED or Arab Emirate Dirham – also commonly abbreviated to Dhs or DH).. The CBN warned that strict sanctions, including withdrawal of operating licenses, shall be imposed on any individuals and/or institutions found to be aiding, abetting or directly contravening these guidelines. Total forex trading at the NAFEX window in the month of September was about $1.98 billion, compared to $843.97 million in August. Some rely on complex intercompany transactions to avoid repatriating the forex through the NAFEX window, In a bid to ensure prudent use of foreign exchange resources, the Central Bank of Nigeria had earlier. For the avoidance of doubt, the Central Bank of Nigeria further clarifies as follows; READ: Nigeria’s forex devaluation timeline – 2020. By repatriating export proceeds via the NAFEX (Investor and Exporter window) the central bank believes this will improve liquidity in the official market and perhaps strengthen the naira at the black market where wired transfers often cost a premium of N5-N10 over the street exchange rate of N475/$1. However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs. The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N394/$1. On January 21, 2021, the exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX (I&E Window) where forex is traded officially. Your email address will not be published. READ: Naira strengthens at NAFEX window despite 38% drop in dollar supply. He is the founder and CEO of the Five Star Music House, which has signed in big music stars, including Skibi and Harry Song, and his own elder … According to a report from Reuters, the naira is expected to remain stable in the coming week as currency traders watch for policy details at CBN’s first MPC meeting in 2021. The exchange rate disparity between the parallel market and the official market is about N81, representing a 17% devaluation differential. However, the gains appear to have been completely erased with the recent crash of the exchange rate. The apex bank in the circular said that the measures were intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria. Convert 1 Million in Rupees using online using latest foreign currency exchaneg rates. Some members of MPC of the CBN had expressed serious concerns over the increasing demand pressure in the country’s foreign exchange market. The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020. How much is 1 Million Dollars in Rupees? Brent crude oil price is at about $56 per barrel on Wednesday, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021. Zomato To Raise 500 Million Dollars In Latest Fundraising: Report. It promised continued monitoring of developments in this regard, adding that it would also issue further guidance as appropriate. This site uses Akismet to reduce spam. READ: Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40. Most export proceeds find their way to the parallel market where exporters can exchange for higher naira value-boosting their gains on foreign currency conversions. READ: CBN revokes licenses of 7 Payment Service Providers, The CBN in its circular said, ‘’Further to our circular titled ‘Receipt of Diaspora Remittances: Additional Operational Guidelines’, it has come to our notice that some IMTOs and unlicensed companies continue to facilitate diaspora remittances into the country in Naira, “in clear contravention of the Central Bank of Nigeria directive that all remittances be paid to beneficiaries in dollars.’’, READ: More pressure on the naira as Diaspora remittances to drop by 20%. Naira falls against dollars on Wednesday; FG, States, LGAs share N619.343bn for December 2020 ; How does forex trading actually work? Nigeria is in DEEP MESS. Forex turnover at the Investor and Exporters (I&E) window dropped by 13.9% on Thursday, January 21, 2021. Learn how your comment data is processed. The Central Bank of Nigeria (CBN) has announced the prohibition of all Nigerian exporters who are yet to repatriate their export proceeds, from banking services effective from January 31, 2021. The new circular explains who diaspora remittances are to be paid to beneficiaries in Nigeria only in foreign currency and not naira. Most exporters already find a way to avoid these hammers by opening foreign bank accounts where most of the export proceeds are warehoused and then sold at the black market. The external reserves have increased by $1.09 billion since December 31, 2020, when it closed the year at $35.3 billion. READ: MFBs, DMBs, others get new lending limit directive from CBN, READ: Explained: The variables that took Nigeria’s foreign exchange reserves to $40 billion. The Federal Reserve Bank of the United States has never issued a banknote of 1,000,000 dollars. The naira has weakened sharply on the black market since last month. We that is living in United Kingdom should be coming home with our British pounds in CASH, Nigerian central bank should carry their cross. READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices, READ: Naira falls at black market as MMOs, PSPs are barred from receiving diaspora remittances. This represents a 9 kobo drop when compared to the N392.86 that was recorded on Tuesday. The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N394/$1. From January 31, 2021, the CBN will bar exporters who fail to repatriate export proceeds from accessing banking services. Nigeria also needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns. The apex bank has frowned at activities of some International Money Transfer Operators (IMTOs) and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira instead of dollars. READ: CBN revokes licenses of 7 Payment Service Providers, The CBN in its circular said, ‘’Further to our circular titled ‘Receipt of Diaspora Remittances: Additional Operational Guidelines’, it has come to our notice that some IMTOs and unlicensed companies continue to facilitate diaspora remittances into the country in Naira, “in clear contravention of the Central Bank of Nigeria directive that all remittances be paid to beneficiaries in dollars.’’, READ: More pressure on the naira as Diaspora remittances to drop by 20%. It means they can for instance receive foreign transfers such as Western Union or Moneygram, withdraw it in dollars and then sell at the black market rate or anywhere else they want to. The external reserve has risen to $36.464 billion as of January 19, 2021. Forex turnover rose by 27.6%, as the Naira’s exchange rate at the NAFEX window depreciated against the dollar to close at N394/$1 during intra-day trading on Wednesday, December 30. The apex bank has frowned at activities of some International Money Transfer Operators (IMTOs) and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira instead of dollars. This is not a surprise considering his chain of investments. The opening indicative rate was N394.16 to a dollar on Thursday, the same rate that was recorded on Tuesday, January 20, 2021. The new circular explains who diaspora remittances are to be paid to beneficiaries in Nigeria only in foreign currency and not naira. the United States Dollar has been maintaining a steady rise in the last few months against the Naira … According to the theory, if more Nigerians are able to sell their dollars at the rate that they want then this could create more liquidity thus reducing the exchange rate disparity. It also sold for as low as N390/$1 during intra-day trading. It also sold for as low as N390/$1 during intra-day trading. These figures were to be revised upwards by as much as 80% when metrics were to be recalculated subsequent to the rebasing of its economy in April 2014. READ: Continuous increase in inflation rate may weaken economy – CBN report. The CBN has sold over $1 billion to BDCs since they resumed forex sales on Monday, September 7, 2020. The United States dollar (symbol: $; code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its territories per the Coinage Act of 1792.One dollar is divided into 100 cents (symbol: ¢), or into 1000 … This represents a 50 kobo drop when compared to the N393.50/$1 that it exchanged for on Tuesday, December 29. The Association of Bureau De Change Operators (ABCON) has appealed to the Central Bank of Nigeria (CBN), to make BDCs pay out agents for diaspora remittances. READ: ‘Banks lost N15billion to fraud, cyber-crime in 2018’, READ: Naira crashes to N500/$1 at black market as CBN adjusts exchange rates. What you should know: Before now, inflow through IMTO such as Western Union was paid to beneficiaries in Naira. Home > XE Currency Converter - Live Rates > 1 Nigerian Naira to Canadian Dollar XE Currency Converter: 1 NGN to CAD = 0.00321553 Canadian Dollars Set up a Rate Alert With the insistence of the apex bank on its earlier directive, it means that Nigerians living in the diaspora can transfer foreign currency to their relatives and loved ones in the country, who in turn will withdraw the money in dollar cash and sell it anywhere they so desire in exchange for naira. The CBN warned that strict sanctions, including withdrawal of operating licenses, shall be imposed on any individuals and/or institutions found to be aiding, abetting or directly contravening these guidelines. CBN issues update on how dollar transfers from friends and family living abroad should be paid. This is an obligation of manufacturers to their foreign suppliers, which continues to increase in the face of dollar shortages. 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