Nigeria's Diaspora Remittance Inflows Could Rise to $2bn Monthly - Emefiele

4 December 2020

Abuja — The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that following the introduction of the new Diaspora Forex Remittances policy, the apex bank was targeting about $2 billion monthly from Diaspora remittances.

Emefiele who disclosed this at a press conference in Abuja, yesterday, said that the implementation of the policy has commenced adding that the Nigerian public can now receive remittances from their family members, friends and associates in Diaspora in the foreign currency of such remittances.

He stated: "If Nigeria is able to receive even if it is just $1billion monthly or moving close to $2 billion monthly I'm so certain you all know what will happen to exchange rate in Nigeria".

According to him, If the nation's remittance inflows could hit $2billion target "after sometime deposit money banks will not have any need to begin to call on CBN to provide dollar to fund their commercial operation so that is why we are saying that we want to aggressively take on this and see how this will help our economy.

He said CBN said took the decision following resistance from International Money Transfer Operators (IMTOs) over its new decision on diaspora remittances.

His words, "CBN observed some pushback by some of the IMTOs who were bent on continuing their nefarious activities of undermining our policy by attempting to resist the new policies".

"As a result of the push back, CBN on Wednesday, December 2, 2020, ordered that "all DMBs must close all Naira General Ledgers through which the Naira remittances were hitherto being carried out".

These new policy measures he added "would help in providing a more convenient channel for Nigerians in the Diaspora to remit funds back to Nigeria, as well as ensure that these funds can contribute to the overall development of our economy".

On the commencement of the policy, he said: "Following the announcement of these new policy measures, CBN in an effort to enable smooth implementation, engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.

"As a result of these engagements which took place with major IMTOs and the DMBs, today, Thursday, December 3, 2020, the stakeholders have committed that they would deploy all the necessary tools to ensure that these measures become effective from Friday, December 4, 2020.

"I therefore seize this opportunity to announce to Nigerians both at home and in the Diaspora, that the policy of recipients receiving their monies from abroad kicks off on December 4, 2020."

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