Nigerians will soon be able to send money to beneficiaries abroad in naira.

Yesterday, the country’s apex bank announced that it had approved the payment of naira to beneficiaries of diaspora remittances.

What it means: This means that banks and International Money Transfer Operators (IMTOs) can now pay their recipients in naira, ending a three-year ban. Part of the CBN’s circular said, “The Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.”

In December 2020, the CBN banned banks and IMTOs from paying recipients in Naira. The policy also stated that only banks could transfer funds onward to recipients. In theory, the CBN policy ended the business model of many digital remittance companies that allowed Nigerians abroad to send money directly to the Naira accounts of recipients.

This recent policy removal is another step towards loosening the strict control the CBN has exercised over FX rates in the last five years.

It’s also great for customers who can now choose between receiving their funds in foreign currency, e-naira and the Naira. Customers who choose to receive their funds in Naira will be paid using the Investors & Exporters Window rate on the day of the transaction.

Fluttwave immediately launch their product around this.

Yesterday, the Fluttwave announced the launch of Tuition, a new payment product that will allow African users pay school fees within Africa and overseas using local currencies.

The best part? Tuition promises payments within 48 hours.

A strenuous process: For African students studying abroad, paying tuition fees can be a hassle, with high exchange rates and limited banking services. In Nigeria, for example, students often have to wait months—up to 120 days—before monies paid for fees are processed by Nigerian banks.

With Flutterwave’s Tuition though, many students can rest easy. "We are excited to launch Tuition to support the dreams of African students across all levels who want to study anywhere without worrying about how to meet the deadline for their school fees payment," said CEO Olugbenga Agboola. "With Tuition, we are providing a safer, reliable, and affordable means for African students to pursue their dreams and seamlessly get financial support from parents, guardians, and sponsors."

The service is presently available in Nigeria where it can be used to pay fees of schools in the UK—where over 43,000 African students chose in 2022. The startup, however, mentioned that it’s rolling out in countries soon, and will add more schools across Africa, the US, and Canada to its roster.

If true, it officially ends the Aboki business of changing dollars to Naira or Naira to dllar

It's like you don't know the current value of the naira

ClearFlair:
It's like you don't know the current value of the naira

How did it get there?

ClearFlair:
It's like you don't know the current value of the naira

What am excited about is the fact that all those international payment app or money sending apps will now allow people to deposit naira and exchange it with other currencies.

Let me share with you a secret.

Do you know that previously before this announcement. Western Union dollar rate was not the previous official bank rate of N450/$1?
You will be shocked to find out Western Union dollar rate! Make I no cash am. Check am yourself.

Despite the fact that the CBN has floated or whatever English they call it 😁 the Naira, all international payment companies have different naira to Dollar rate.

Let me give you an example. I won't say the name of the app but their naira to Dollar rate is N320/$1 currently
So with this new CBN law now, My beloved 9ja people can how transfer naira directly into their naira bank account in that USA money sending app, convert to dollars and make money from arbitrage.

If anyone wants to make cool side income from this new policy, you have to think critically, make your research and capitalize on hidden arbitrage opportunity. If not you will just be left with the new NAIRA TO DOLLAR BANK RATE!

ClearFlair:
It's like you don't know the current value of the naira

To maximize this opportunity, look for international payment apps or Money sending apps that allows people to create NGN deposit bank account.

Then you directly fund your NGN deposit account from 9ja and capitalize on those own Dollar rate

Bloomsbury:


What am excited about is the fact that all those international payment app or money sending apps will now allow people to deposit naira and exchange it with other currencies.

Let me share with you a secret.

Do you know that previously before this announcement. Western Union dollar rate was not the previous official bank rate of N450/$1?
You will be shocked to find out Western Union dollar rate! Make I no cash am. Check am yourself.

Despite the fact that the CBN has floated or whatever English they call it 😁 the Naira, all international payment companies have different naira to Dollar rate.

Let me give you an example. I won't say the name of the app but their naira to Dollar rate is N320/$1 currently
So with this new CBN law now, My beloved 9ja people can how transfer naira directly into their naira bank account in that USA money sending app, convert to dollars and make money from arbitrage.

If anyone wants to make cool side income from this new policy, you have to think critically, make your research and capitalize on hidden arbitrage opportunity. If not you will just be left with the new NAIRA TO DOLLAR BANK RATE!

Thief, scammer

So you want people to contact your for FX at #450/$

Bloody, chronic scammer

Fake news, CBN never lift the ban on naira MasterCard/visa debit cards for international transactions

eteebanky1:


Thief, scammer

So you want people to contact your for FX at #450/$

Bloody, chronic scammer

Learn to talk in public. Stop calling people names. I have never taken anything from you nor anyone you know.
Stop behaving like an uneducated person

I never said anyone should contact me and nobody should contact me regarding Buying of any dollars.
I withheld the name of th Payment app so FG doesn't ban naira payout to the app

eteebanky1:
Fake news, CBN never lift the ban on naira MasterCard/visa debit cards for international transactions

Before posting Fake news. You won't die if you go to Google and search of CBN has approved Naira payout for international remittance
That's how people learn. You won't grow with such mindset


Have you contacted Fluttwave and they told you it's fake news? Did they tell you the don't have a new product called TUITION launched in the past 2 days that allow students in the UK receive naira payment directly?

You're quite a funny fellow.

Before commenting online, do your own research so you don't appear stupid!

Bloomsbury:


Learn to talk in public. Stop calling people names. I have never taken anything from you nor anyone you know.
Stop behaving like an uneducated person

I never said anyone should contact me and nobody should contact me regarding Buying of any dollars.
I withheld the name of th Payment app so FG doesn't ban naira payout to the app

Some people can't read to understand..
Just ignore the mumu.
Once they have data...
Its finished..
They jump on any thread n type rubbish

eteebanky1:
Fake news, CBN never lift the ban on naira MasterCard/visa debit cards for international transactions

Has it been lifted pls

eteebanky1:
Fake news, CBN never lift the ban on naira MasterCard/visa debit cards for international transactions

I tried it gtb on udemy now
Banned
Mtchew

yinkeys:

I tried it gtb on udemy now
Banned
Mtchew

Nigeria only has 3.7 billion USD net reserves. If they leave it open, the money will finish.

tensazangetsu20:


Nigeria only has 3.7 billion USD net reserves. If they leave it open, the money will finish.

All the dollars they were sharing in primaries to delegates.
Where did they get it from
Instead of them to stop importing petroleum products and fix all our refineries they’re playing rubbish games for their own sake.
Why will an oil producing country still be importing petroleum products
Just imagine an orange Farmer still buying oranges

tensazangetsu20:


Nigeria only has 3.7 billion USD net reserves. If they leave it open, the money will finish.

Estimated oh . It might be less

Bloomsbury:


Learn to talk in public. Stop calling people names. I have never taken anything from you nor anyone you know.
Stop behaving like an uneducated person

I never said anyone should contact me and nobody should contact me regarding Buying of any dollars.
I withheld the name of th Payment app so FG doesn't ban naira payout to the app

Can you dm to me
Trying to buy something