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It promised continued monitoring of developments in this regard, adding that it would also issue further guidance as appropriate. This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders. CBN issues update on how dollar transfers from friends and family living abroad should be paid. READ: ‘Banks lost N15billion to fraud, cyber-crime in 2018’, READ: Naira crashes to N500/$1 at black market as CBN adjusts exchange rates. 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. 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 READ: Naira stabilizes at black market as external reserve rises by $515 million in 12 days. Notes come in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000 dirhams. 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 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. The exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX window. The increase in dollar supply after last week’s drop reinforces the volatility of the foreign exchange market. However, during intraday trading, the exchange rate traded for as high as N415.76/$1, sustaining yesterday’s figure which is the highest intraday trading tracked by Nairametrics. There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands. This represents a 50 kobo drop when compared to the N393.50/$1 that it exchanged for on Tuesday, December 29. Nnaji. What this means: This spew of circulars follows another one issued on Monday by the apex bank which effectively instructs banks to pay foreign remittances in dollars and no longer in naira. You may contact him via his email- [email protected]. 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. READ: Continuous increase in inflation rate may weaken economy – CBN report. However, the CBN now wants this payment to be made in dollars. 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. Forex turnover, however, dropped by about 14% as pressure on the foreign exchange market continues. 500 United States Dollar : ₦237,500:00 : 1000 United States Dollar : ₦475,000:00 : 2000 United States Dollar : ₦950,000:00 : 5000 United States Dollar : ₦2,375,000:00 : We bring to you USD/NGN (Dollar to Naira) exchange rate today based on Black Market rate, Lagos, Nigeria today, being. Read in Malayalam. The Central Bank of Nigeria (CBN) has issued a circular setting out the Modalities for Payout of Diaspora Remittances. In a letter issued by one of the commercial banks to its exporters, and seen by Nairametrics, it cited the CBN’s new circular stating that it will bar exporters who do not repatriate from accessing banking services. 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. CBN Dollar To Naira Exchange Rate Today: 379/380 To $1; Save this page URL – NaijaQuest.Com/dollars. Your email address will not be published. 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. This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position. Population increased from 120 million in 2000 to 160 million in 2010). What you should know: Before now, inflow through IMTO such as Western Union was paid to beneficiaries in Naira. Despite the CBN’s intervention, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market. READ: Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40. Chike is a senior member of the Nairametrics Editorial Team. This is an obligation of manufacturers to their foreign suppliers, which continues to increase in the face of dollar shortages. 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%. The circular also instructed the IMTOs to ensure the foreign currency is deposited into their corresponding deposit money bank accounts. The opening indicative rate was N394.16 to a dollar on Thursday, the same rate that was recorded on Tuesday, January 20, 2021. The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic. Also, the exchange rate at the black market where forex traded unofficially still remained flat at N475/$1. “Please be informed that the Central Bank of Nigeria (CBN) through its circular referenced TED/EXP/CON?NEX/01/001 dated 13th January 2021 has instructed that all exporters with unrepatriated export proceeds before 31st January 2021 should be barred from accessing all banking services.”. READ: Naira stabilizes at black market as external reserve rises by $515 million in 12 days. However, during intraday trading, the exchange rate traded for as high as N415.76/$1, sustaining yesterday’s figure which is the highest intraday trading tracked by Nairametrics. The local currency had strengthened by about 7.8% within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers. Convert 1 Million in Rupees using online using latest foreign currency exchaneg rates. The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week. E-Money net worth is estimated at 30 million in dollars, which is more than 11.6 billion in Nigerian currency. He has worked in research and marketing departments of three top commercial banks. August 31/2017 – 362 / 365; September 29/2017 – 362 / 365; October 31/2017 – 360 / 363; … 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).. It also clarified that the choice of how the money should be paid, whether transfer or dollar cash withdrawal is the choice of the beneficiary of the remittance. Welcome to the Dollars to Pounds page, updated every minute between Sunday 22:00 and Friday 22:00 (UK) 1 USD = 0.7283 GBP Looking to make a Dollars to Pounds money transfer? 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%. 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. Nigeria is in DEEP MESS. 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. 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. The opening indicative rate was N392.95 to a dollar on Wednesday. READ: UBS warns Bitcoins could disappear like Myspace. The external reserve has risen to $36.464 billion as of January 19, 2021. Also, the exchange rate at the black market where forex traded unofficially still remained flat at N475/$1. The apex bank has a standing policy that instructs exporters to repatriate exports within 90 days for oil and gas and 180 days for non-oil exports constitute a breach of the extant regulation. READ: Naira strengthens at NAFEX window despite 38% drop in dollar supply. The rate had also closed at ₦ 470/US$1 on Tuesday, January 19th 2021. The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 20, 2021. 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. The Central Bank of Nigeria (CBN) has issued an update to its recent circular on the management of remittances from diaspora Nigerians. This site uses Akismet to reduce spam. There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands. Nnaji. Gold prices in Pune were Rs.49,640/- for 10 grams of 22-carat gold and Rs.50,640/- for 10 grams of 24 carats. The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N394/$1. This site uses Akismet to reduce spam. 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. % as pressure on the foreign exchange market and the dollar appreciated closing at N394/ $ on. Contact our Bureau De Change Agent on – +234 ——-Exchange rate dollar to naira black market since last month on. Repatriate their funds Nigeria faces prolonged exchange rate between the naira and the dollar, closing N394/. 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