The Ultimate Glossary of Terms About currency converter dollar to naira



Traffic in Lagos was hellish this weekend. People spent 6 hours on journeys that take one hour in normal times. My theory is that IJGBs-- our dear cousins and aunties returning briefly to Nigeria for the vacations-- are overburdening our tiny roadways by throwing their weights about town.
My theory is very unwarranted though and, honestly, we should not be choosing fights with IJGBs understanding the essential function they play in our economy. Remittances from Nigerians in diaspora kept households and services liquid throughout the pandemic, and will be more indispensa How do we get our favorites to remit more please?In this edition, we spotlight the Reserve bank of Nigeria's recent moves on diaspora remittances as a march towards harmonizing/tracking the inflow of dollars into the monetary system.
ut first, please subscribe to this newsletter if you are yet to. And discover all previous editions here.WHAT'S HAPPENING Make it rain, however in dollarsThree weeks earlier, the Reserve bank of Nigeria (CBN) released a two-page circular with an unexpected update.Basically, when somebody abroad sends dollars to a beneficiary in Nigeria, the money will no longer be received in naira. Recipients are now to receive the remittance in dollars either in money nonprescription or in their domiciliary accounts. Each recipient decides what she prefers.The notification was straight for CBN-licensed worldwide money transfer operators-- Flutterwave, Moneygram, RIA, Western Union, etc. They are to ensure this new policy takes effect. International cash transfer operators (IMTO) that keep paying recipients in naira instead of dollars invite the rage of the apex bank and might lose their license to run.'s current announcements have appeared hurried and high-handed-- for instance, questionable punishments for failed direct debits-- many people were uncertain what to make from this. On December 16, CBN released an instruction omitting mobile money operators from the remittance process. MoMo operators are to disable their wallets from receiving remittances from IMTOs.
The same file bars exchange rate of naira to other currencies payment processors and payment company from integrating with IMTOs as far remittance is concerned.The glue binding these 2 is in the upgrade published on December 2. IMTOs are to make sure they pass the dollars suggested to be remitted to recipients through industrial banks. These banks have also been bought to close all IMTOs naira accounts.
n other words, the CBN is attempting to create a direct remittance architecture that looks something like this:

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