What CBN’s new policy on diaspora remittances means for naira to dollar exchange — Gwadabe
The Central Bank of Nigeria has introduced new rules on diaspora remittances, aimed at improving the foreign exchange system. According to Aminu Gwadabe, the policy will help make the market more transparent and efficient. The new directive requires International Money Transfer Operators to route funds through naira settlement accounts. It also mandates the use of […]
Nigeria Hits Record $553 Million in Diaspora Remittances in July
The Central Bank of Nigeria (CBN) recently announced a major milestone in diaspora remittances. Nigerians living abroad sent a record $553 million back home in July 2024, the highest ever for a single month. This is a significant 130% increase from the $240 million recorded in July 2023. The CBN credits this remarkable growth to […]
Nigeria’s Foreign Reserves Rise to $35.77 Billion – CBN
Nigeria’s external reserves have increased to $35.77 billion, up from $33.09 billion at the end of 2023. This information comes from the Central Bank of Nigeria’s (CBN) latest data on the country’s reserve movements. On July 8, Nigeria’s foreign reserves crossed the $35.05 billion mark and continued to rise, reaching $35.77 billion by Thursday. However, […]