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Domestic Economic Review

CBN’s Naira 4 Dollar Scheme for diaspora remittances continues

The Central Bank of Nigeria  (CBN)    has    extended    the    naira  for  dollar  scheme  “until  further  notice”.  The bank, in a notice released, said that “all aspects of the operationalisation of the programme remain the same.”The   naira-for-dollar   scheme,   which started on March 8, was originally   scheduled   to   end   on May 8, 2021. Although, the apex bank said the scheme would continue indefinitely. With the scheme, diaspora remittance recipients are rewarded with an extra N5 for every dollar wired through the official routes. The incentive was introduced to show up remittances and discourage the use of informal windows.  The extension of the scheme, which financial experts had dismissed as desperate and unsustainable, comes as the pressure on the naira continues.

CBN warns banks, BDCs against rejecting old lower dollar bills –

The Central Bank of Nigeria has recently threatened to sanction deposit money banks and authorised bureau de change operators who reject old and lower denomination of the United States dollar bills. The bank  in  a  circular  signed  by its Director, Currency     Operations  department,  Ahmed  Umar, as seen on the official  website of the apex  Bank, all  DMOs, BDCs and the general public  have been  directed  to  accept  both  old  series  and  lower  denominations of USD that are legal tender.

Nigeria’s inflation rate drops to17.93% in May 2021

Nigeria’s inflation rate dropped further for the second consecutive month to stand at 17.93% in May 2021 from 18.12% recorded in April 2021. This is contained in the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS). According to the report, the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021. This is 0.19% points lower than the rate recorded in April 2021 (18.12%).

The last time Nigeria recorded an inflation rate higher than 18.17% for March, was in January 2017 when headline inflation stood at 18.72%. –Nairametrics

The Central Bank of Nigeria’s Governor, informs foreign investors Naira exchange rate value is N430-440/$1 –

The Governor of the Central Bank of Nigeria, Godwin Emefiele advised investors in the U.K that he expects the true value of the naira to be between N430-440 to the dollar.

Mr. Emefiele made this comment in a Webinar organized by the Standard Bank of Africa (parent company of Stanbic IBTC Nigeria). According to sources who attended the event on Monday, Mr. Emefiele told participants that the current exchange rate at the parallel market was between N430-440/$1 and not the black-market rate which closed at about N500/$1.

In an apparent attempt to woo foreign investments, the CBN Governor also encouraged foreign investors to reconsider their waning interest in Nigerian Equities suggesting that some of the stocks were undervalued. Nigeria’s capital importation data into equities was just $755 million in the whole of 2020 compared to $1.8 billion in 2019.

NIDCOM, NGA to collaborate on Data Mapping of Nigerian Diaspora visual Artists-

Hon Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission, NIDCOM, says a mutually beneficial collaboration with National Gallery of Art, NGA, will not only help in appreciating the value for visual arts and artists in the Diaspora but also helps in recognizing that there is a huge revenue yet untapped in this field.

Hon Dabiri-Erewa expressed this commitment when she received Mr Ebeten William Ivara, Director General, National Gallery of Art and top level Management Staff in her office in Abuja.

Mr. Ivara explained the NGA’s mandate to include harnessing, harvesting and assembling all Visual Arts of Nigerians at home and in the Diaspora as repository of Nigeria’s socio- cultural and historical development. He further informed that NGA has designed an online form for capturing and registering Nigerian Artists in the Diaspora to get proper documentation. – NIDCOM

FG Seeks Improved Capital Market Participation-

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has directed the Securities and Exchange Commission (SEC) to evolve a savings policy and programme aimed at encouraging Nigerians of all economic status to actively participate in the capital market.
This is with a view to unlocking the vast potential in the market. the minister stated that the federal government had directed SEC, to marshal out a savings policy and programme that would encourage citizens of all economic standing to actively participate in Nigerian capital market as a means of unlocking the potential in the market.

While assuring the minister of the NGX’s (Nigerian Exchange Limited) support to this administration’s efforts in making Nigeria a destination for foreign investment as well as attracting investors, it’s Chief Executive Officer, Mr. Timi Popoola sought for a reduction on Companies Income Tax (CIT), from 25 to 20 per cent, among others, arguing that these would ultimately attract more taxes to government. – Thisday


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