{"id":33621,"date":"2020-12-18T18:42:52","date_gmt":"2020-12-18T18:42:52","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33621"},"modified":"2020-12-18T18:42:52","modified_gmt":"2020-12-18T18:42:52","slug":"naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances","title":{"rendered":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Naira depreciated against the United States dollar on the black market on Thursday after the Central Bank of Nigeria (CBN) introduced of a new policy, prohibiting mobile money operators and payment service providers from receiving diaspora remittances.<\/p>\n

Naira closed at N478 to a dollar, N2 or 0.42% weaker than the N476 it exchanged for at the previous session, according to abokiFX.com, which collates parallel market rates in Lagos.<\/p>\n

That widened the gap between the official rate and the parallel market level to N84 or 21.32%. The market spread has provided arbitrage opportunities for foreign remittances beneficiaries such as exporters and individuals.<\/p>\n

On the spot market also called the Investors & Exporters (I&E) forex window, naira appreciated marginally on Thursday, changing hands at N394 to a dollar, compared to the N394.67 rate of exchange at the Wednesday session.<\/p>\n

Naira hit an intraday low of N407.25 and touched a high of N386.16 before closing at N394.<\/p>\n

The volume of trade in this segment of the currency market saw a 9.6% improvement, with $219.60 million recorded relative to the $200.34 million reported on Wednesday.<\/p>\n

Low liquidity at the I&E window, where the CBN maintains a hugely inflexible rate, has scaled up demand in the black market where the rate is loosely determined, making dollar more expensive and weakening the naira.<\/p>\n

The International Monetary Fund has enjoined the regulator to enhance greater flexibility in its preferred window to reduce demand in the black market.<\/p>\n

Nigeria\u2019s foreign exchange reserves were lifted on Tuesday after the World Bank approved a $1.5 billion loan facility for the country.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Naira depreciated against the United States dollar on the black market on Thursday after the Central Bank of Nigeria (CBN) introduced of a new policy, prohibiting mobile money operators and payment service providers from receiving diaspora remittances. Naira closed at N478 to a dollar, N2 or 0.42% weaker than the N476 it […]<\/p>\n","protected":false},"author":84,"featured_media":33620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1688,1621,1623,254],"class_list":["post-33621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-black-market","tag-dollar","tag-naira","tag-nigeria"],"yoast_head":"\nNaira weakens on black market as CBN bars MMOs from receiving foreign remittances - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. Naira depreciated against the United States dollar on the black market on Thursday after the Central Bank of Nigeria (CBN) introduced of a new policy, prohibiting mobile money operators and payment service providers from receiving diaspora remittances. Naira closed at N478 to a dollar, N2 or 0.42% weaker than the N476 it […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-18T18:42:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances\",\"datePublished\":\"2020-12-18T18:42:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\"},\"wordCount\":278,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg\",\"keywords\":[\"Africa Press\",\"black market\",\"Dollar\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\",\"name\":\"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg\",\"datePublished\":\"2020-12-18T18:42:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg\",\"width\":640,\"height\":360,\"caption\":\"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances - Nigeria","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances","og_locale":"en_US","og_type":"article","og_title":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances","og_description":"Africa-Press – Nigeria. Naira depreciated against the United States dollar on the black market on Thursday after the Central Bank of Nigeria (CBN) introduced of a new policy, prohibiting mobile money operators and payment service providers from receiving diaspora remittances. Naira closed at N478 to a dollar, N2 or 0.42% weaker than the N476 it […]","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances","og_site_name":"Nigeria","article_published_time":"2020-12-18T18:42:52+00:00","og_image":[{"width":640,"height":360,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances","datePublished":"2020-12-18T18:42:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances"},"wordCount":278,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg","keywords":["Africa Press","black market","Dollar","naira","Nigeria"],"articleSection":["all news","Economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances","name":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg","datePublished":"2020-12-18T18:42:52+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fdcd2da80355.jpg","width":640,"height":360,"caption":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-weakens-on-black-market-as-cbn-bars-mmos-from-receiving-foreign-remittances#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Naira weakens on black market as CBN bars MMOs from receiving foreign remittances"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/33621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=33621"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/33621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/33620"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=33621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=33621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=33621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}