• About Us
  • Terms & Conditions
  • Contact Us
Tuesday, June 28, 2022
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Ariwoola sworn in as acting Chief Justice of Nigeria

    Ariwoola sworn in as acting Chief Justice of Nigeria

    Breaking: CJN Tanko Muhammad resigns

    Breaking: CJN Tanko Muhammad resigns

    We will support Ukraine in all forms “as long as it takes” – G7 Nations

    We will support Ukraine in all forms “as long as it takes” – G7 Nations

    Peaceful resolution of Russia-Ukraine conflict will cause more harm than good – UK Prime Minister

    Peaceful resolution of Russia-Ukraine conflict will cause more harm than good – UK Prime Minister

    Breaking: Facebook, WhatsApp, Instagram back online

    Breaking News: US Supreme Court overturns abortion rights

    Organ harvesting: Peter Obi prays for healing of Ekweremadu’s daughter, calls for justice

    Organ harvesting: Peter Obi prays for healing of Ekweremadu’s daughter, calls for justice

    US Senate passes bipartisan gun control bill, Supreme court expands gun rights

    US Senate passes bipartisan gun control bill, Supreme court expands gun rights

    Just in: INEC agrees to extend voter registration by 60 days

    INEC calls for PVC revalidation

    Ike Ekweremadu and wife arrested in London, charged with child organ-harvesting plot

    Ike Ekweremadu and wife arrested in London, charged with child organ-harvesting plot

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Russian ruble hits 7-Year high, threatening export competitiveness

    Russian ruble hits 7-Year high, threatening export competitiveness

    Inflation rate falls for 3 consecutive month

    Nigeria’s inflation rate rises to 11-month high

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s public debt rises by over N2 trillion in 3 months

    President Biden declare energy emergency with respect to electricity generation

    President Biden declare energy emergency with respect to electricity generation

    Supply of Russian gas to Poland and Bulgaria halted by Gazprom

    Russia’s Gazprom halts gas deliveries to Finland

    Nigeria’s Inflation rate hits16.47%, the highest since May 2017

    Inflation rate rises in April 2022 compared to March 2022 – NBS report

    “Unfriendly” countries will have to pay for Russian gas in rubles – Putin

    10 EU countries quietly buying Russian gas with rubles

    The United Kingdom to approve first new coal mine in 30 years

    The United Kingdom to approve first new coal mine in 30 years

    US Treasury Secretary warns about a complete European ban on Russian gas

    US Treasury Secretary warns about a complete European ban on Russian gas

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    NSE Completes Demutualisation, SEC and CAC give final approval

    Equity Market Records Gains….. as NGX-ASI increases by 0.50%.

    Board of Directors of Cutix Plc to consider recommendation of dividend

    Cutix Plc Board of Directors recommends 10 kobo dividend per ordinary share

    NSE Completes Demutualisation, SEC and CAC give final approval

    Equity market inches higher as NGX-ASI Increases by 0.56%

    Dangote Cement and Airtel Africa Plc push Nigerian Stock Market to 0.21% gain

    Airtel Africa Plc announces final dividend currency exchange rates

    Russian ruble hits 7-Year high, threatening export competitiveness

    Russian ruble hits 7-Year high, threatening export competitiveness

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Bullish Sentiment Resumes as NGX-ASI records 0.66% in Profit

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    Huge losses in the Industrial Sector drove the NGX-ASI down by 1.97%.

    Nestle Nigeria Plc publishes over 16,000 names of shareholders with unclaimed dividend

    Current Cryptocurrencies are destined to fail long term – Bank of England Governor

    Bitcoin falls below $20,000, Ethereum less than $1,000 as selloff continues

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Resolutions approved at PZ Cussons Nigeria Plc’s 72nd AGM

    PZ reports 277% growth in profit for the year ended May 2022

    Board of Directors of Cutix Plc to consider recommendation of dividend

    Cutix Plc Board of Directors recommends 10 kobo dividend per ordinary share

    DMO offers 16.3% rate FGN bond

    Dangote Industries Funding PLC – Series 1 Bond issue opens for subscription

    Chams Plc completes Balance Sheet Restructuring

    Chams Plc announces change in the Board

    President Putin says that BRICS are developing global reserve currency

    President Putin says that BRICS are developing global reserve currency

    AGM suspension: Oando’s shareholder wins court case against SEC

    OANDO Plc reports N132.57 billion loss after tax in FY 2020

    Dangote Cement and Airtel Africa Plc push Nigerian Stock Market to 0.21% gain

    Airtel Africa Plc announces final dividend currency exchange rates

    Northern Nigeria Flour Mills Plc announces 25 kobo dividend

    Northern Nigeria Flour Mills Plc announces 25 kobo dividend

    Game of nominal money is over, it is now “our product, our rules” – Russia’s Gazprom

    Game of nominal money is over, it is now “our product, our rules” – Russia’s Gazprom

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Anambra Election Post-Mortem – a Personal Opinion

    Anambra Election Post-Mortem – a Personal Opinion

    How a Racing Heart may Alter Decision-Making Brain Circuits

    How a Racing Heart may Alter Decision-Making Brain Circuits

    Study reveals what triggers lung damage during COVID-19

    Study reveals existing drugs that kill SARS-CoV-2 in cells

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    Young athletes with history of concussions may have more changes to their brains

    Young athletes with history of concussions may have more changes to their brains

    Study reveals what triggers lung damage during COVID-19

    Important clue to rare inflammatory disease in children following COVID-19 infection

    New blood test improves prostate cancer screening

    New blood test improves prostate cancer screening

    Vitamin D reduces the need for an opioid in palliative cancer

    Face masks protect against aerosolized toxins from algal blooms, study finds

    Face masks protect against aerosolized toxins from algal blooms, study finds

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Ariwoola sworn in as acting Chief Justice of Nigeria

    Ariwoola sworn in as acting Chief Justice of Nigeria

    Breaking: CJN Tanko Muhammad resigns

    Breaking: CJN Tanko Muhammad resigns

    We will support Ukraine in all forms “as long as it takes” – G7 Nations

    We will support Ukraine in all forms “as long as it takes” – G7 Nations

    Peaceful resolution of Russia-Ukraine conflict will cause more harm than good – UK Prime Minister

    Peaceful resolution of Russia-Ukraine conflict will cause more harm than good – UK Prime Minister

    Breaking: Facebook, WhatsApp, Instagram back online

    Breaking News: US Supreme Court overturns abortion rights

    Organ harvesting: Peter Obi prays for healing of Ekweremadu’s daughter, calls for justice

    Organ harvesting: Peter Obi prays for healing of Ekweremadu’s daughter, calls for justice

    US Senate passes bipartisan gun control bill, Supreme court expands gun rights

    US Senate passes bipartisan gun control bill, Supreme court expands gun rights

    Just in: INEC agrees to extend voter registration by 60 days

    INEC calls for PVC revalidation

    Ike Ekweremadu and wife arrested in London, charged with child organ-harvesting plot

    Ike Ekweremadu and wife arrested in London, charged with child organ-harvesting plot

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Russian ruble hits 7-Year high, threatening export competitiveness

    Russian ruble hits 7-Year high, threatening export competitiveness

    Inflation rate falls for 3 consecutive month

    Nigeria’s inflation rate rises to 11-month high

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s public debt rises by over N2 trillion in 3 months

    President Biden declare energy emergency with respect to electricity generation

    President Biden declare energy emergency with respect to electricity generation

    Supply of Russian gas to Poland and Bulgaria halted by Gazprom

    Russia’s Gazprom halts gas deliveries to Finland

    Nigeria’s Inflation rate hits16.47%, the highest since May 2017

    Inflation rate rises in April 2022 compared to March 2022 – NBS report

    “Unfriendly” countries will have to pay for Russian gas in rubles – Putin

    10 EU countries quietly buying Russian gas with rubles

    The United Kingdom to approve first new coal mine in 30 years

    The United Kingdom to approve first new coal mine in 30 years

    US Treasury Secretary warns about a complete European ban on Russian gas

    US Treasury Secretary warns about a complete European ban on Russian gas

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    NSE Completes Demutualisation, SEC and CAC give final approval

    Equity Market Records Gains….. as NGX-ASI increases by 0.50%.

    Board of Directors of Cutix Plc to consider recommendation of dividend

    Cutix Plc Board of Directors recommends 10 kobo dividend per ordinary share

    NSE Completes Demutualisation, SEC and CAC give final approval

    Equity market inches higher as NGX-ASI Increases by 0.56%

    Dangote Cement and Airtel Africa Plc push Nigerian Stock Market to 0.21% gain

    Airtel Africa Plc announces final dividend currency exchange rates

    Russian ruble hits 7-Year high, threatening export competitiveness

    Russian ruble hits 7-Year high, threatening export competitiveness

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Bullish Sentiment Resumes as NGX-ASI records 0.66% in Profit

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    Huge losses in the Industrial Sector drove the NGX-ASI down by 1.97%.

    Nestle Nigeria Plc publishes over 16,000 names of shareholders with unclaimed dividend

    Current Cryptocurrencies are destined to fail long term – Bank of England Governor

    Bitcoin falls below $20,000, Ethereum less than $1,000 as selloff continues

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Resolutions approved at PZ Cussons Nigeria Plc’s 72nd AGM

    PZ reports 277% growth in profit for the year ended May 2022

    Board of Directors of Cutix Plc to consider recommendation of dividend

    Cutix Plc Board of Directors recommends 10 kobo dividend per ordinary share

    DMO offers 16.3% rate FGN bond

    Dangote Industries Funding PLC – Series 1 Bond issue opens for subscription

    Chams Plc completes Balance Sheet Restructuring

    Chams Plc announces change in the Board

    President Putin says that BRICS are developing global reserve currency

    President Putin says that BRICS are developing global reserve currency

    AGM suspension: Oando’s shareholder wins court case against SEC

    OANDO Plc reports N132.57 billion loss after tax in FY 2020

    Dangote Cement and Airtel Africa Plc push Nigerian Stock Market to 0.21% gain

    Airtel Africa Plc announces final dividend currency exchange rates

    Northern Nigeria Flour Mills Plc announces 25 kobo dividend

    Northern Nigeria Flour Mills Plc announces 25 kobo dividend

    Game of nominal money is over, it is now “our product, our rules” – Russia’s Gazprom

    Game of nominal money is over, it is now “our product, our rules” – Russia’s Gazprom

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Anambra Election Post-Mortem – a Personal Opinion

    Anambra Election Post-Mortem – a Personal Opinion

    How a Racing Heart may Alter Decision-Making Brain Circuits

    How a Racing Heart may Alter Decision-Making Brain Circuits

    Study reveals what triggers lung damage during COVID-19

    Study reveals existing drugs that kill SARS-CoV-2 in cells

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    Young athletes with history of concussions may have more changes to their brains

    Young athletes with history of concussions may have more changes to their brains

    Study reveals what triggers lung damage during COVID-19

    Important clue to rare inflammatory disease in children following COVID-19 infection

    New blood test improves prostate cancer screening

    New blood test improves prostate cancer screening

    Vitamin D reduces the need for an opioid in palliative cancer

    Face masks protect against aerosolized toxins from algal blooms, study finds

    Face masks protect against aerosolized toxins from algal blooms, study finds

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home News

All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

Friday, 22 January 2021, 11:20 pm
in News, Nigeria
0
All diaspora remittances must be received by beneficiaries in foreign currency only – CBN
Share Share Share Share Send as Email

The Central Bank of Nigeria in a circular titled CBN “Modalities For Payout of Diaspora Remittances”,  expressed dissatisfaction over diaspora remittances in Naira instead of dollars a directed by the Apex Bank in its guidelines. CBN said that this continued remittance in Naira is being facilitated by some International Money Transfer Operators (IMTOs) and unlicensed companies.

Dr O.S. Nnaji, Director Trade and Exchange Department of CBN, in the circular posted on CBN website on Friday, said that the action contravened the apex bank’s directive that all remittances be paid to beneficiaries in dollars.

Read: Only new cheques will be allowed in the clearing system from 1st April – CBN

He stated that only licensed IMTOs are permitted to carry on the business of facilitating diaspora remittances into Nigeria and that all diaspora remittances must be received by beneficiaries in foreign currency only, whether by cash and/or transfers to domiciliary accounts of recipients.

The circular read “Further to our circular titled” Receipt of Diaspora Remittances: Additional Operational Guidelines “, it has come to our notice that some IMTOs and unlicensed companies continue to facilitate diaspora remittances into the country in Naira, “in clear contravention of the Central Bank of Nigeria directive that all remittances be paid to beneficiaries in dollars,”

“ IMTOs are not permitted, under any circumstances, to disburse diaspora remittances in Naira (either in cash or by electronic transfers) be it through naira remittance settlement accounts, which had been directed to closed, third party accounts or via any other payment platforms within and/or around the Nigeran financial system.”

According to the CBN, these measures were intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria.

“Strict sanctions, including withdrawal of operating licenses, shall be imposed on any individuals and/or institutions found to be aiding, abetting or directly contravening these guidelines,” said the Apex Bank.

For unlicensed operators, the CBN warned that it shall not hesitate to authorize the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.

The regulator said it will continue to monitor developments in this regard, adding that it would also issue further guidance as appropriate.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

Related Posts:

  • Recipients of International Money Transfer can now receive such inflows in US Dollars - CBN
    Recipients of International Money Transfer can now receive…
  • Breaking: Naira value tumbles against the dollar wiping earlier gains at the parallel market
    Breaking: Naira value tumbles against the dollar wiping…
  • Just in: CBN issues new directives on foreign currency payment, Naira firms against the dollar
    Just in: CBN issues new directives on foreign currency…
  • CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice
    CBN extends Naira 4 Dollar Scheme for diaspora remittances…
Previous Post

Only new cheques will be allowed in the clearing system from 1st April – CBN

Next Post

FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

Next Post
FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

Leave a Reply Cancel reply

Your email address will not be published.

  • Trending
  • Comments
  • Latest
Ukraine to decide how much territory it will sacrifice for peace – NATO

Ukraine to decide how much territory it will sacrifice for peace – NATO

List of Dividends announced in 2022, qualification and payment dates

List of Dividends announced in 2022, qualification and payment dates

Breaking: CJN Tanko Muhammad resigns

Breaking: CJN Tanko Muhammad resigns

Resolutions approved at PZ Cussons Nigeria Plc’s 72nd AGM

PZ reports 277% growth in profit for the year ended May 2022

NSE Completes Demutualisation, SEC and CAC give final approval

Equity Market Records Gains….. as NGX-ASI increases by 0.50%.

Ariwoola sworn in as acting Chief Justice of Nigeria

Ariwoola sworn in as acting Chief Justice of Nigeria

Resolutions approved at PZ Cussons Nigeria Plc’s 72nd AGM

PZ reports 277% growth in profit for the year ended May 2022

Breaking: CJN Tanko Muhammad resigns

Breaking: CJN Tanko Muhammad resigns

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2021 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2021 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist