The Central Bank of Nigeria has said its new ‘Naira for Dollar Scheme” which takes effect today, would provide Nigerians in the Diaspora with cheaper and more convenient ways of sending remittances to Nigeria. The policy, which gives N5 rebate for every $1 sent by Nigerians in the diaspora to the country, will be paid … Continue reading NAIRA-FOR-DOLLAR: New CBN policy takes off
The Chief Investment Officer at Sigma Pension, Pabina Yinkere, has predicted a 2.3 per cent Gross Domestic Product (GDP) for Nigeria in 2019, adding that the Naira will probably come under pressure for some reasons. He stated this in Sigma Pensions' "Nigeria 2019 Outlook: Election Downtime--tight monetary policy, drive subdued growth outlook," made available … Continue reading Nigerians should expect a weaker Naira in 2019
Nigeria's naira is plummeting, losing one third of its value as the government floats the currency for the first time in the history of the oil-producing nation. The move was forced by a spiraling economic crisis created by slumped oil prices and aggravated by President Muhammadu Buhari's 16-month-long insistence that the Central Bank defend the … Continue reading Nigeria Floats Currency For The 1st Time, Naira Gains.