Business
Hope for naira as economy receives $1.5bn diaspora boost
Policy makers have remained upbeat on their expectations of naira rise in value as Nigerians abroad plan to repatriate about $1.5 billion into the country, between December and January.
This is part of the outcome of a series of meetings in Europe and America by a special committee made up of officials from the Office of the Special Adviser to the President on Diaspora, representatives of CBN and Ministry of Finance, in September 2016.
A report by the committee says there is a strong commitment from most of the Nigerians in US and Europe to use the Christian holiday to visit home and contribute to the efforts at the country recovering from its recession.
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“Ordinarily, the Yuletide is the period of increased business transactions, but this year’s will be different given the positive responses from most Nigerians, who have good investments abroad.
“From our calculation, naira is expected to gain, at least five per cent instead of the usual loss in value as have always been the case during the season,” an official said.
The local currency exchanged, on Thursday, at N485 to a dollar on the parallel market from 480 last week, but traded at N320 at the interbank market.
However, CBN said it was working on the possibility of having naira’s exchange to dollar hover around 305 to a dollar before the end of the year.
“Demand for the dollar is seen dropping ahead of the Christmas as businesses gradually wind down, while dollar flows from Nigerians in Diaspora visiting home on holiday is expected to increase supply in the market,” an official told Ripples Nigeria.
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Roland Uchendu Pele
December 9, 2016 at 8:28 am
And I thought Nigerians in the diaspora have contributed the amount, and planning to give to FG. How does this one help?
JOHNSON PETER
December 9, 2016 at 11:04 am
At least it will help patch up some little things. But hope the diaspora are not borrowing us the money?
Animashaun Ayodeji
December 9, 2016 at 9:17 am
CBN hasn’t really been doing anything to this exchange rate, I can believe they are still working on having N305 exchange rate when we are supposed to be looking at the possibilities of returning the exchange rate to N150 that it was before.
Margret Dickson
December 9, 2016 at 9:18 am
This yuletide season will be recorded as the worst ever in the history of Nigeria, no one is buying anything. Today is December 9 and there’s no ‘Christmas in the air’ unlike before that it will be visible that Christmas is almost near
Emmanuel Alayegbami
December 9, 2016 at 9:54 am
Are you a marketer or a seller. Stop saying what you don’t know. People are buying in spite of recession. It’s not a worst Christmas at all. People are making money in spite of recession .
Johnson Amadi
December 9, 2016 at 9:19 am
Nigeria is becoming almost unbearable to run business due to the exchange rate, we need to start living in reality, how are we even sure the policy makers are not lying to us about the $1.5bn diaspora boost?
Amaka Okoro
December 9, 2016 at 4:12 pm
You are right because this people can not be trust maybe they are trying to calm Nigeria down because of the exchange rate
seyi jelili
December 9, 2016 at 9:36 am
Nigeria in diaspora are making us proud but at the same time are putting us to shame outside. This must be the work of igbos in diaspora to help Nigerians at home.
Nonso Ezeugo
December 9, 2016 at 4:09 pm
What Igbo’s are you talking about. you better watch your mouth and reason well