The dollar to naira exchange rate has become an issue of interest to businessmen, economy watchers and even the average Nigerian citizen.
At the beggining of the year 2020, the naira exchanged at the rate of around 360 naira to one US dollar in the parallel (black) markets, but as at December of the same year, the exchange rate is closer to crossing the mark of N500 to one dollar.
As at 1st of December, one dollar is being sold at N495 at the black market while the black market operators are willing to buy the same one dollar at about N485 from members of the public-depending on the volume and power of negotiation.
However, according to CBN, the suggested exchange rate for the dollar to naira is $1 to N380.
Meanwhile, according to a statement signed by O.S Nnaji, the Central Bank of Nigeria (CBN) has relaxed its rules on foreign remittances and domiciliary accounts.
Nnaji is the CBN director of trade and exchange and the statement explained that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now allow inflows in foreign currency (US Dollar) through the designated bank of their choice.
This translates to the fact that such people will be able to receive foreign cash into their domiciliary account and be able to cash it out or transact directly from the account.
The CBN statement noted in part that; “These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria,
“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.”