{"id":283117,"date":"2023-08-11T06:22:46","date_gmt":"2023-08-11T05:22:46","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=283117"},"modified":"2023-08-11T06:28:22","modified_gmt":"2023-08-11T05:28:22","slug":"why-naira-is-in-freefall-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/08\/11\/why-naira-is-in-freefall-cbn\/","title":{"rendered":"Why Naira is in free fall \u2013 CBN"},"content":{"rendered":"<ul>\n<li><strong>On Wednesday, the naira fell to an all time low of N925\/$1 at the parallel market as demand for foreign currency skyrocketed beyond what supply could meet<\/strong><\/li>\n<li><strong>This followed the unification of the foreign exchange regime, which is a clear departure of what obtained during the President Muhammadu Buhari- led administration<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/08\/04\/naira-is-our-national-identity-stop-spraying-it-cbn\/\">Central Bank of Nigeria<\/a> (CBN), has disclosed that the continuous fall of Naira against dollars is not unconnected to the present unofficial diaspora remittances.<\/p>\n<p>The acting governor of the apex bank, Folashodun Shonubi, made the disclosure on Thursday at National Institute for Security Studies, Abuja.<\/p>\n<p>At the event, Shonubi delivered Distinguished Personality lecture titled: \u201cDiaspora Remittances and Nigeria Economic Development\u201d for members of Executive Intelligence Management Course (EIMC) 16.<\/p>\n<p>On Wednesday, the naira fell to an all time low of N925\/$1 at the parallel market as demand for foreign currency skyrocketed far beyond what supply could meet.<\/p>\n<p>This followed the unification of the foreign exchange regime, which is a clear departure of what obtained during the President Muhammadu Buhari- led administration.<\/p>\n<p>But Shonubi explained that many diaspora remittances came to Nigeria in dollars and they were not recorded officially, as such found their ways to black or parallel markets.<\/p>\n<p>\u201cWith those remittances, the dollars have come in, we know the dollars have come in but we don\u2019t see them in the official system. So, they must be going somewhere and somewhere.\u201d<\/p>\n<p>\u201cAnd the challenge with the black market, unofficial market or parallel market or whatever name you want to call it, it is as a result that it is not regulated, and it becomes an easy place to have criminal activities.<\/p>\n<p>\u201cWe investigate bankers, not just bankers, anybody who has committed an offence, the first thing they want to do is to run to the black markets, change it to the dollars because it is less money to carry around.<\/p>\n<p>\u201cSome of the funding in the black markets are actually from diaspora remittances. That\u2019s why it important we need to know a lot of what\u2019s going on there. We can\u2019t play the sentiment game. If we don\u2019t understand the dynamics, we usually go with the literature which does not necessarily work for us,\u201d the top banker said.<\/p>\n<p>He noted that many countries have remittances as the major source of dollars or income saying that, \u201cwe have countries that earn about 1.5 million dollars in remittances. Everywhere, any place you go even in developed countries such as India, China among others.\u201d<\/p>\n<p>According to him, it would be helpful if in the country, measures can be put in place to control illegal remittances and identify these channels so as to ensure remittance flows into the proper channels, and harness maximum benefits to grow the economy.<\/p>\n<p>He said the country had an increase in diaspora remittances almost than it got from construction industry in 2021, adding that many Nigerians in diaspora don\u2019t want to always come back home unless they are forced<\/p>\n<p>\u201cWe intend to use more of the banking system to, sending money to Sub-Saharan Africa cost highest because we don\u2019t have masses. It would be helpful if we can work together to identify these channels because we just want the flows into the proper channels, there we can get maximum benefits to grow the economy.<\/p>\n<p>\u201cWe talk about black markets, that also creates its own problems. Management of foreign exchange market and the efficacy of our policies to manage the exchange rate becomes difficult due to the insignificance of our diaspora remittances which are going to other markets.<\/p>\n<p>\u201cToday, someone called me privately that and said this thing (Naira) has gone up to some levels in the black markets, my question was, what do you want me to do? Do I operate in the black markets? I don\u2019t know the basis of pricing in the black markets.<\/p>\n<p>\u201cThe other thing people don\u2019t realise is that, because you don\u2019t have full information, and I will give you an example since we started I&amp;E window. We found out that some people would deliberately wait to the last minute and do one transaction of $5,000 and that becomes the closing rate.<\/p>\n<p>\u201cWe can\u2019t do without diaspora remittances. For many countries, that\u2019s their main source of income.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, the naira fell to an all time low of N925\/$1 at the parallel market as demand for foreign currency skyrocketed beyond what supply could meet This followed the unification of the foreign exchange regime, which is a clear departure of what obtained during the President Muhammadu Buhari- led administration The Central Bank of [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":141385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[658,6704,14565,295],"class_list":["post-283117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn","tag-diaspora-remittances","tag-forex","tag-naira"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Naira is in 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