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NairaWatch: Naira plunges against dollar at parallel market despite CBN’s new policy

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The exchange rate between Nigeria’s Naira and United States’ dollar as at today, Tuesday, March 9, stands at ₦482/$1 in the parallel market while the official rate of the Central Bank of Nigeria (CBN) stands at N379/$.

NairaWatch can report that the exchange rate on Monday, March 8, closed at ₦480/US$1 in the parallel market and the official rate of the CBN as well stood at N380/$1.

  • Naira: ₦482/379
  • Dollar: $1
  • Date: March 9th, 2021

 

The exchange rate between Nigeria’s Naira and British pound sterling at the parallel market as at today, Tuesday, March 9, stands at ₦675/₤1 and while the official rate of the Central Bank of Nigeria (CBN) stands at N523/₤1.

The exchange rate on Monday, March 8, closed at ₦673/₤1 in the parallel market, and the official rate of the CBN stood at N515/₤1.

  • Naira: ₦675/523
  • Pounds Sterling: ₤1
  • Date: March 9th, 2021

 

The exchange rate between the local currency and European euro at the black market as at today, Tuesday, March 9, stands at ₦583/€1 while the exchange rate of the CBN stands at N460/€1.

The exchange rate on Monday, March 8, closed at ₦580/₤1 in the parallel market and the official rate of the CBN stood at N461/€1.

  • Naira: ₦583/460
  • Euro: €1
  • Date: March 8th, 2021

Recall that the CBN Governor, Godwin Emefiele, had announced the introduction of an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.

Emefiele explained that the move was part of CBN’s reforms to boost the inflow of foreign currency into the country, saying that the N5 for every $1 fund remitted to Nigeria initiative would begin today, Monday, March 8.

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The CBN governor noted that the N5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations.

According to him, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the central bank.”

 

The central bank, in another development, on Sunday also noted that the policy would reduce cost and round tripping, The statement titled ‘New policy on remittance inflow to reduce cost, check round-tripping.

 

 

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  1. Pingback: NairaWatch: Naira Plunges Against Dollar At Parallel Market Despite CBN’s New Policy | Techvalley

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