Nigerian Remittances Rebound as Country Tops Sub Sahara Africa — Sending Cost...
Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into the region where the money transfers went up by 6.2 percent to $45 billion, a new World Bank report has shown. The Impact of Nigerian Policies on Remittances According to the November 17, 2021 press release, this increase in the value of funds sent is in fact a rebound from the total remittances that were sent by Nigerians in the corresponding period last year. The statement partly attributes this increase to measures that were introduced by the country’s monetary authorities in the....
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A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s overvalued exchange rate when sending remittances. According to Lasebikan, the Central Bank of Nigeria (CBN)’s fixed exchange rate of $1:380 is robbing recipients 20-30% of their remittance value each time they retrieve funds. At the time of writing, the parallel exchange rate of one dollar to the Naira is 1:480, according to Abokifx. Similarly, importers that are hamstrung by the country’s rigid foreign....
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When the words Bitcoin and Africa appear in a sentence, the word remittance usually follows. When Bitcoin first hit the mainstream in 2013, its low-cost money transfer feature was hailed as the solution to the overly expensive remittance costs charged by the large money transfer operators (MTOs), Western Union and MoneyGram. This is especially true when it comes to transferring funds to Africa. However, in the eight years since Bitcoin was first launched, bitcoin remittances in Africa have not really taken off. Bitcoin’s Challenges in Kenya. Bitcoin is an industry that regularly likes to....
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