Impact Of Foreign Exchange Rate Unification On Commodities

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4 thoughts on “Impact Of Foreign Exchange Rate Unification On Commodities”

  4. I hope our policy makers understand the role of technology in the poor forex remittances to our country.

    Now, Nigerians abroad don't remit money through western union and such companies.

    Now, there are many Apps abroad owned by Nigerians. They have naira here in local banks.. if you want to send money to your family in Nigeria, you give them the money there.. they credit your family with the naira here in Nigeria, so the forex doesn't come into Nigeria.

    Likewise, some businessmen that want to buy goods abroad simply give the naira here and they pay their customers abroad.

    So, the forex as expected by our CBN won't show up here and there statistics won't pick up the real numbers.

    I think that's why the numbers recorded diaspora remittances can't be correct.

    Reply

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