Economy
FG announces incentives for Nigerians to repatriate foreign funds
The federal government has launched an amnesty initiative that allows individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.
Announcing the initiative in a statement on Thursday, the ministry of finance said the programme is called the ‘Disclosure Scheme’.
Mohammed Manga, the ministry’s director of information and public relations, said the scheme, starting October, is for nine months.
The public relations officer said the initiative is designed to enhance transparency in the financial sector and boost Nigeria’s economic resilience, growth, and development.
He said by facilitating the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign currency held by Nigerians, both within and outside the country, “the scheme aims to integrate these legitimate foreign currency assets into the formal economy”.
“The federal government of Nigeria is pleased to announce the commencement of the foreign currency voluntary disclosure, depositing, repatriation, and investment scheme, known as the disclosure scheme, in pursuance of Executive Order No. 15 of 2023 titled ‘Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023’ and the ‘Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024’, issued by the Honourable Minister of Finance and Coordinating Minister of the Economy, on October 25th, 2024,” the statement reads.
“Key objectives of the disclosure scheme: enhance financial transparency: Promote transparency in the financial sector by formalising legitimate foreign currency assets held outside the Nigerian banking system by Nigerians within or outside of Nigeria.
“Bolstering AML and CFT capabilities: The scheme specifically targets weaknesses in the existing framework by promoting cashless and legitimate transactions within the formal financial system.
“This strengthens regulatory enforcement while also encouraging financial practices that reduce the likelihood of illicit cash transactions.”
‘FUNDS WILL INCREASE RESERVES’
Speaking on the scheme, Wale Edun, minister of finance and coordinating minister of the economy, said the initiative would enhance financial security and contribute positively to the economy by increasing reserves and stabilising exchange rates.
“The disclosure scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy,” Edun said.
“It strengthens transparency and economic resilience, setting us on a path to rapid economic growth.
“The scheme offers a secure, confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for our nation.
“Guided by President Tinubu’s leadership and supported by the Central Bank of Nigeria (CBN) and Ministry of Justice, we are building a transparent and inclusive economy, aligned with best practices in anti-money laundering and countering the financing of terrorism.”
Edun encouraged Nigerians holding legitimately earned foreign currency to participate.
Economy
SEE Black Market Dollar To Naira Exchange Rate Today, 7th December 2024 Can Be Accessed Below
The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1550 and sold it for N1560 on Saturday, December 7th, 2024.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1550
Selling Rate N1560
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1550
Selling Rate N1550
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary
The Central Bank of Nigeria, CBN, has said that Nigeria remains in a financial and economic crisis.
CBN Governor Yemi Cardoso made this statement at the 14th Annual Bankers’ Committee Retreat in Abuja, stressing that it is a situation inherited by the current CBN administration.
He explained that the role of the Bankers’ Committee remains critical towards addressing the challenge as well as reflating the economy.
According to him, the nation faces challenges in how to address poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others.
The apex bank boss called on members of the Bankers’ Committee to reflect on the past year’s challenges and devise actionable tools to address them effectively.
Speaking, the Special Adviser to the President on Economic Affairs, Tope Fasua, expressed concerns over excess charges by operators of Point of Sale, PoS, while calling on the apex bank as well as deposit money banks to make cash available at all ATM points.
The three-day event brings together key players in the banking sector and has the theme “Contract and Commitment to National Development and Economic Growth.”
Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics.
However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter.
The NBS in its foreign trade statistics report on Friday noted that Nigeria’s merchandise trade for the Q3 2024 was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
Total exports for the quarter surged by 98.00 per cent to N20.49tn, compared to N10.35tn in Q3 2023.
This marks a 16.76 per cent increase from N17.55tn in the preceding quarter, Q2 2024.
The NBS report read, “Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024.”
The significant boost in exports was primarily driven by Nigeria’s crude oil and natural gas exports, which remain key contributors to the country’s foreign exchange earnings.
Crude oil exports alone amounted to N13.41tn, a 57.06 per cent increase from N8.54tn in Q3 2023.
Exports of other oil products, including liquefied natural gas and petroleum gases, also saw a massive 303.93 per cent rise, totalling N4.58tn.
In addition to oil exports, agricultural exports saw an extraordinary increase of 301.87 per cent, reaching N884.07bn, compared to N219.99bn in Q3 2023.
This growth was despite a slight decline of 9.20 per cent from the previous quarter.
Exports of solid minerals and manufactured goods also performed well, rising by 86.58 per cent and 419.93 per cent respectively.
Spain was Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy.
These countries benefitted from Nigeria’s crude oil, LNG, and other petroleum exports.
On the imports side, Nigeria’s total import bill for Q3 2024 stood at N14.67tn, an increase of 62.30 per cent from N9.04tn recorded in the same period in 2023.
Compared to the previous quarter, imports rose by 8.71 per cent.
The report read, “The value of total imports stood at N14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04tn) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (N13.5tn).”
The rise in imports was driven largely by manufactured goods, which increased by 76.44 per cent to N6.98tn, and raw materials, which saw a 66.11 per cent rise to N1.58tn.
Other notable imports included agricultural products, valued at N882.24bn, reflecting a 37.06 per cent increase from Q3 2023.
China continued to dominate Nigeria’s import trade, followed by India, Belgium, the United States, and Malta.
Key imported goods included motor spirit, gas oil, durum wheat, and used vehicles.
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