This has, however, become the albatross of Nigeria's foreign exchange as intending migrants cough out thousands in foreign currencies (mostly dollars) each year as school fees even before securing their visas.
It includes indicators for capital control stringency, flexibility of exchange rate regimes, and level of interbank foreign exchange liquidity. The reporting of forex data is considered a measure of transparency.
The Youth Exchange Programme is seen as an avenue for international cultural exchange and leadership development, with the Corps Members expected to return enriched by the diverse experiences they will encounter.
The Naira saw a strong comeback as the exchange rate dropped below the N900 to $1 threshold on peer-to-peer (P2P) platforms like Binance for the first time since August 2023.
The unification of the foreign exchange was to simplify the system and boost dollar inflows. This move caused the official exchange rate to drop by 40 percent, briefly aligning with the black market rate.
The Central Bank of Nigeria (CBN) has instructed bureau de change (BDC) operators to trade at a fixed rate in the foreign exchange market. The CBN is desperate to reform the foreign exchange market and boost the naira's value.
Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.
Similarly, the Naira fell in the parallel FX market, where the currency is sold informally, with the exchange rate falling to N1130/$1, while peer-to-peer dealers quoted approximately N1110.10/$1.
Naira's appreciation against the US dollar continued on Monday, exchanging N1,290 and N1,382.95 per USD at both parallel and official foreign exchange markets amid the Central Bank of Nigeria's interest rate hike.
The apex bank asked IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the nation's official foreign exchange market.