Naira on Tuesday fell significantly at the parallel market below the 480th mark to the dollar, the first time in nearly four months. announced a new incentive for diaspora remittances.
On March 5, the CBN had directed all Deposit Money Banks and International Money Transfer Operators to henceforth pay recipients of diaspora remittances N5 for every $1 received as inflow. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the greenback at N484, a N2.0 or 0.42 depreciation from N482 it traded on Monday.at the unofficial market on November 20 last year, when it traded at the black market for N500.The currency also weakened at the Investors & Exporters window of the foreign exchange market on Tuesday, data from the FMDQ Security Exchange where forex is officially traded showed.Naira closed at N412.00 at the I&E window.
It should be expected. Some people saddle with certain responsibilities in our dear country tend to function based on selfishness or lack of foresight.