Weekly Diaspora Remittances to Nigeria Peak $ 30 Million

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The Central Bank of Nigeria (CBN) says its recent initiatives to boost foreign exchange (FX) in the country are already showing positive results, as weekly diaspora remittances to Nigeria have jumped 500% to 30 million. dollars from $ 5 million.

Godwin Emefiele, governor of the CBN, revealed this in Abuja during the recent CBN / Bankers Committee initiative for economic growth organized by the Vanguard.

He said the measures put in place by the bank to increase the flow of diaspora remittances into the country using formal channels had helped reduce forex diversion by international money transfer operators (IMTO ) recalcitrant, who had thrived on currency arbitrage deals, rather than on improving transaction volumes to Nigeria.

“In December 2020, we asked all international money transfer operators to provide senders the ability to send currency to recipients in Nigeria. Indeed, we have already seen remittances improve, going from a weekly average of around 5 million dollars before this policy to more than 30 million dollars per week ”. Emefiele Noted.

Explainer: Why weekly dollar inflows to Nigeria increased by 500%

“It is therefore imperative that we do all we can in 2021 to ensure that we capitalize on the positive momentum and step up our efforts to drive growth. It will be a year of massive economic recovery and Nigeria must not be left out, ”he added.

Speaking on the response of monetary and fiscal authorities to the impact of COVID-19 on key economic variables, the governor explained that measures had been put in place to prevent the economy from tilting.

READ ALSO: CBN’s Diaspora Remittance Policy and Nigerians’ Reaction

He said the bank’s primary goal was to restore stability to the economy by providing assistance to individuals, small and medium-sized enterprises (SMEs) and businesses that had been severely affected by the pandemic, as well as lockdown measures.

The event on the theme “ Overcoming the Pitfalls of the Recession: Bankers’ Perspectives on a Sustainable National Growth Path ” brought together participants from the financial sector on site, as well as virtual participants such as state governors and other dignitaries.

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