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Over 300 Boys Still Missing After Nigeria School Attack
~0.6 mins read
Over 300 boys still missing after Nigeria school attack
More than 300 schoolboys are still missing in Nigeria’s Katsina state after gunmen attacked their school on Friday.
More than 300 Nigerian schoolboys are still missing after gunmen attacked their secondary school in the town of Kankara on Friday. Some students managed to escape.
Armed group Boko Haram has claimed responsibility for the abduction, AFP news agency reports.
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CBN Okays Withdrawals Of Dollars From Domiciliary Accounts
~3.7 mins read
Frantic CBN allows diaspora remittances to be withdrawn in dollars and sold anywhere including black market
To save the naira, CBN now allows diaspora remittances to be withdrawn dollar cash.The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window.This disclosure was made in a circular issued by the CBN on Monday, November 30, 2020, to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr O.S. Nnaji.What the CBN is sayingIn the new amended procedure, CBN stated that beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice.The CBN’s circular partly reads,‘’In an effort to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria, the Central Bank of Nigeria (CBN) wishes to announce as follows;
Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) or into their ordinary domiciliary account. Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.’’The apex bank also stated that such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.The CBN stated that these changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of diaspora remittances into Nigeria.The apex bank also points out that these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients of remittances would receive a market-reflective exchange rate for their inflows.It also urged all authorized dealers and the general public to note that beneficiaries shall have unfettered access and utilization to such foreign currency proceeds, either in cash and/or in their domiciliary accounts in line with the circular.What this meansThis new directive means when Nigerians living in diaspora transfer money to loved ones in the country, they can in turn withdraw the money in dollar cash and sell wherever they want to.Currently, the exchange rate in the black market is around N500/$1 compared to N395 at the official BDC market.Now, Nigerians who recieve foreign transfers such as Western Union or Moneygram can withdraw it in dollars and then sell at the black market rate or wherever they want to.Currently, most Nigerians living in diaspora who transfer cash to loved ones back home do so at the parallel market exchange rate, Nairametrics can confirm.
To save the naira, CBN now allows diaspora remittances to be withdrawn dollar cash.
Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) or into their ordinary domiciliary account. Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.’’
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