…..Will generate $2bn monthly -CBN
The Central Bank of Nigeria, CBN, has announced that the Diaspora Foreign Exchange Remittances Policy will commence December 4, adding that it is expected to generate $2bn Monthly.
CBN’s governor, Godwin Emefiele, announced this on Thursday while briefing the press on the new policy in Abuja.
Emefiele explained that countries that had similar demographic features with Nigeria, such as Pakistan, often received about $2bn monthly from their citizens in diaspora.
He said: “I’m aware from the data available that, for instance, Pakistan, even in the midst of COVID-19 receives $2bn monthly from flows from Pakistani in diaspora.
“If Nigeria is able to receive even if it is just $1bn monthly or moving close to $2bn monthly, I’m so certain you all know what will happen to the exchange rate in Nigeria.”
The CBN boss stated that should the $2bn monthly target be met, Deposit Money Banks would after some time have no need of calling the CBN to fund their commercial operations.
“So that is why we are saying that we want to aggressively take on this and see how this will help our economy,” the governor added.
He noted that in a bid to block any loophole to manipulate the policy, the CBN had ordered all DMBs to close all their Naira General Ledger through which the naira remittances were hitherto being carried out.
He said the bank took the decision following resistance from international money transfer operators over its new decision on diaspora remittances.
