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CBN introduces N5 rebate on every $1 sent to Nigeria

naira-dollar.

The Central Bank of Nigeria (CBN) will charge N5 for every $1 remitted to Nigeria through International Money Transfer Organisations in its new forex policy.

CBN Governor, Godwin Emefiele, confirmed this on Saturday during a virtual event organised by Fidelity Bank.

According to him, this new policy will take effect from Monday, March 8.

Emefiele said, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank.

“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for “Nigerians in the diaspora. This new policy is expected to take effect on the 8th of March 2021.”

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Premier League releases statement on penalty decision after Burnley hold Arsenal to draw

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The Premier League has explained why Arsenal were not awarded a penalty during their 0-0 draw at Burnley on Saturday.

Nicolas Pepe's touch inside Burnley's box led the ball to hit Erik Pieters' outstretched arm in the 75th minute.

But the Gunners were not awarded a penalty following a VAR review.

Two goals from Chris Wood and Pierre-Emerick Aubameyang gave both teams a point each.

However, the Premier League has now issued a statement on the matter, which read: "The ball hit him from close proximity and he had no time to react.

"It was not given on-field, and the VAR did not think it was a clear error."

News

Bandits attack Federal Airport Quarters in Kaduna, abduct nine persons

Bandits have attacked the Federal Airport Authority of Nigeria (FAAN) quarters in Kaduna abducting nine persons, including a family of six and a housewife with her two children.

An Engineer in the Airport told The Nation that, the attackers invaded the quarters around 12:10 am on Saturday after gaining access through the airport’s runway 05. He said, but for the intervention of the military, the bandits who were in large numbers wanted to kidnap the entire residents of the quarters.

According to him, “Initially when I started hearing gunshots, I was not even bothered, because I thought whoever came here to rob or do anything has made a mistake of his life because we have a military barrack at the airport. But, I later became restless when after like 30 minutes, bullets were still raining.

Along the line, the soldiers came...

Entertainment News

Support Nollywood the same way you took Black Panther and Coming To America 2 – Ay comedian slams Nigerian celebrities

Ay comedian

Popular Nigerian comedian, Ayo Makun also known as AY has taken to social media to call out Nigerian celebrities who show supports for Hollywood project but neglects Nollywood when needed. 

This comes after prominent Nigerian celebrities stormed the Coming To America 2 premiere which held in Lagos Nigeria yesterday.

Taking to his Instagram handle, AY wrote, “ There is nothing wrong in showcasing the effectiveness of our presence when supporting Hollywood projects in Nigeria. But I keep praying for brands and celebrities to also support Nollywood the same way they took Black Panther and cominng to Amercia 2 like a six-unit course."

See post below;

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