Global Money By Wyyr

Global Markets

US Dollar Index was last down 0.03% at 103.95. It fell to 103.43 earlier on Feb 22, the lowest since Feb. 2, and is holding below the 104.97 level reached on Feb. 14, which was the highest since Nov. 14. Reuter

Sterling gained 0.17% to $1.2656 after data from a British business activity survey came in stronger than expected and showed robust growth for services firms. The Pound earlier reached $1.2710, also the highest since Feb. 2. Reuter

Euro edged up 0.03% to $1.0820. They reached $1.0889, the highest since Feb. 2. The downturn in euro zone business activity eased in February, suggesting signs of recovery, according to a survey on Feb 22. Reuter

The Canadian Dollar was trading 0.1% higher at C$1.3462 to the greenback, or 74.28 U.S. cents, after trading from 1.3462 to 1.3501. XM

Nigerian Naira settled at ?1,506/$ at the official market and ?1690/$ at the parallel market, a 0.87% decrease and 2.74% growth from the previous week.

South African Rand was traded at 19.3650 against the U.S. dollar ZAR=D3, almost 1% weaker than its previous close. XM

Compliance and Regulations

The Central Bank of Nigeria (CBN) released three guidelines including:

1. Foreign Exchange Rates For Import Assessment: The Nigeria Customs Service and other related parties are to adopt the closing FX rate on the date of opening Form M for importing goods as the FX rate used for Import Duty Assessment. This rate remains valid until the date of termination of the importation and clearance of goods by importers. CBN
2. Allowable Deviation Limit On The Price Verification System: CBN has reviewed the allowable limit of the PVS for exports and imports to -15 % and +15% of the global average prices, respectively. The PVS is not meant to determine the actual prices of items for tariffs or duty charged by the government but rather to enable the CBN to curtail the excess outflow of the limited foreign exchange. CBN
3. Requirements For Foreign Currency Cash Pooling On Behalf Of IOCs In Nigeria: CBN has allowed banks to pool cash on behalf of International Oil Companies, subject to a maximum of 50% repatriated export proceeds in the first instance, and the balance of 50% may be repatriated after 90 days from the export proceeds' inflow date. CBN

Payments

Visa, a world leader in payments, announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients, and businesses in Asia Pacific. The center enables stakeholders to engage with Visa technologists to co-create payment solutions ahead of demand, deliver scalable innovation, and address the region's biggest challenges and opportunities in digital payments.? FinancialIT

Ebury, one of the world's largest fintech companies specializing in transactions for SMEs, today announced its partnership expansion with Nium, the leader in real-time global payments, to deliver a groundbreaking global remittance service in Brazil.FinancialIT

About Wyrr Inc.

Wyrr Inc. provides global payment solutions for Africans worldwide. Our services include remittances, global payments, and FX Treasury. We are a registered money service business with the Financial Transactions and Report Analysis Centre (FINTRAC) to carry on the business of foreign exchange and money transfer.

Wyrr is now available for download on iOS and Android. Download the app on Google Play or the Apple App Store.? For more information about the Global Money by Wyrr,? contact:

Vanessa Linus

Email: [email protected]

LinkedIn: linkedin.com/company/sendwyrr/

Website: www.wyrr.app