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Huge gap in official, parallel rates worsens Nigeria’s remittances slump

Nigeria’s remittances have been on a steady slump, down to 75 percent in the first quarter (1Q) of 2021, from 88 percent in the fourth quarter (4Q) 2020, and -71 percent in full-year 2020. This, according to the World Bank, is due to the dysfunction in the foreign exchange (FX) market, as very large discount…

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