CBN warns against receiving money transfers in foreign currency

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CBN warns against receiving money transfers in foreign currency – The Central Bank of Nigeria (CBN) says receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira.

Ms Ozemena Nnaji, Director, Trade and Exchange in the apex bank, told the House of Representatives Committees on Diaspora, Banking and Currency, and National Planning at an investigative hearing on Thursday in Abuja.

The three committees are investigating Diaspora remittances between January 2016 and December 2019.

“We have a policy on spending Naira in Nigeria and not dollar because of what that does; it affects the value of our currency when we start spending foreign currency in Nigeria.

cbn
cbn

“That is why we say that money that comes in as dollars or Euros should be exchanged and given to the customers in the currency of our country,” she said.

Nnaji explained that the policy was out to promote a strong currency in Nigeria and to favorably manage exchange rate stability.

“If dollar and euro are everywhere, what happens to our currency, the Naira now is not an internationally accepted currency, if we dilute it, it will have consequences.

“We want our Naira to be acceptable by other West African countries; we want it to be internationally accepted currency.

“If we have more funds come in as remittances, our foreign reserves goes up, and when that happens, the confidence in Nigerian economy will go up.

“It helped in price stability and exchange rate stability management and that the apex bank was interesting in increasing Diaspora remittances,” she said

Nnaji explained that some Nigerians abroad are made to go through serious checks to be allowed to send money which is a constraint.

According to Nnaji, contrary to the World Bank reports which say that Nigeria received 25 million dollars Diaspora remittances in 2019, the CBN only received 10 million dollars between 2016 and 2019.

cbn
cbn

“If the World Bank says 25 million dollars for 2019; their formula for calculating is based on cash, kind and trend analysis.

“What the CBN counts is the physical cash that comes in through the banks and International Money Transfer Operators,” she said.

The Chairman, House Committee on Diaspora, Rep. Tolulope Sadipe (APC-Oyo), said that the committees were out to ascertain the disparity between World Bank report and claim of CBN.

She said that it was high time the interests of the country were put ahead of personal interests.

Sadipe said that Diaspora remittances were important to national development as “it adds value to economic growth.”

The lawmaker explained that they were sources of wealth creation and that Nigerians in Diaspora also facilitate state and non-state partnerships.

cbn
cbn

She said that the Diaspora remittance had worked for India and Egypt and that the House was ready to do everything possible to make it work in Nigeria.




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About Sam Gabriel 924 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

31 Comments

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  10. Wow …this is a great idea. I pray it shall work out well …our currency should be international. Am a forester please let Nigerians start valuing what we have even our money, our products most especially. If the Federal government can model our products then we will see it valuable ,even our Agricultural sector and Forestry …there’s fertility in this land …

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    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
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  18. Where is LAVITA RICCA head office in Nigeria because your activities is not far from that of MMM there should be a further proof to demonstrate the dichotomy of the two thank.

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    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    09068834101

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mrs. FUMI BLESSING
    09068834101

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

  20. *GOOD DAY MA/SIR*

    Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
    lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration

    LAVITA PACKAGES

    ₦10,000——–₦20,000❌❌❌
    ₦20,000——–₦40,000
    ₦40,000——–₦80,000
    ₦50,000——–₦100,000
    ₦100,000——₦200,000
    ₦200,000——₦400,000
    ₦400,000——₦800,000
    ₦800,000——₦1,600,000
    ₦1,000,000—₦2,000,000

    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly.

    https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register

    Note:you get credited in less than 45mins.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?.

  21. * SMILE2WEALTH INVESTMENT PLATFORM

    *This is an investment package, where you donate any certain amount and earn double of it. We merge participants to donate to each other in order to achieve their financial aims*…

    *WHY SOME PEOPLE STAY BROKE!*
    1. *Full of Doubt*
    2. *Fear of other failed businesses*
    3. *Comfortable with being broke*
    4. *Keep looking for proof / results*
    5. *Always scared to take risk and always thinking negatively*
    6. *Always waiting for someone else to succeed first before joining… *when they can be the successes themselves*
    *Be positive dear!*

    *The journey of a thousand mile begins with a *Step*.
    *TAKE THAT BOLD STEP, START GET STARTED*
    *JoinTodayAndSmileTomorrow*

    *HOW IT WORKS*
      

    CONTACT:- 07026536478

    *Donate 10k and earn 20k*

    *Donate 15k and earn 30k*

    *Donate 20k and earn 40k*

    *Donate 25k and earn 50k*

    *Donate 30k and earn 60k*

    *Donate 40k and earn 80k*

    *Donate 50k and earn 100k*

    *Donate 100k and earn 200k*

    *Donate 200k and earn 400k*

    *Donate 150k and earn 300k*

    *Donate 400k and earn 800k*

    *Donate 300k and earn 600k*

    *Donate 500k and earn 1Million*

    *All payments are gotten within every 45MINUTES to an hour from the time of confirmation of the payment. .* *You can gain for life if you multi invest and/or keep reinvesting. You will find out that no day will pass without you earning*.
    *NO PONZI*
    *NO REFERRAL*
    *NO SCAM*
    *Contact :MR OLA EMMANUEL on * 2347026536478*.

  22. MODEL:- C300
    YEAR:- 2008
    PRICE:- N1,300,000
    Contact US:- 07043069364
    Accident Free.
    WE ALSO HAVE SO MANY DIFFERENT TYPE OF VEHICLE AVAILABLE @ DIFFERENT RATE……

4 Trackbacks / Pingbacks

  1. CBN warns against receiving money transfers in foreign currency – Ugamasonblog
  2. CBN warns against receiving money transfers in foreign currency - Ugamasonblog
  3. CBN warns against receiving money transfers in foreign currency — ProNews Ng
  4. CBN warns against receiving money transfers in foreign currency – The Shirttail

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