Tuesday, December 10African Digital Business Magazine

Tag: Naira

Nigeria News

Why is Nigeria’s central bank struggling to let go of the naira?

Due to the global pandemic, a lot of aspects of our lives were affected by negative circumstances. Those negative circumstances can be characterized with different rates, however, the influence on the global economy is the one that affects everyone’s life. When it comes to something that has such a major influence as covid you cannot blame anyone for that because it is a health-related issue but the outcome that we are facing right now is very tragic. A lot of people lost their jobs and tried to find many other ways to generate their profits and in some countries, national currencies are not controllable anymore. It is not a surprise that developing countries appeared to be especially vulnerable towards it while major economies are still standing steadily. Nigeria is not an exception in th...
Nigeria News

The Central Bank Of Nigeria’s Naira For Dollar Scheme

By Ibrahim Moshood, Associate, Centurion Law Group The “Naira 4 Dollar” Policy With a considerable amount of its population in the diaspora[1], Nigeria is one of the top three African destinations receiving the largest inflow of foreign remittances at over USD 24 Billion in the last quarter of 2020.[2]  In an effort to sustain and encourage the inflow of these remittances, the Central Bank of Nigeria has introduced the “Naira 4 Dollar Scheme” on 5 March 2021. This scheme is scheduled to take effect from 8 March 2021 to 8 May 2021. Foreign remittances are quite important to the Nigerian economy, contributing over 83% to the National budgets between 2018 and 2019. [3] Recall that in November 2020, the CBN had issued a circular to authorized dealers and the public stating principally that, be...