CBN Targets $2bn Monthly Remittances In New Policy

The Central Bank of Nigeria,  said the apex bank targets about $2bn monthly as remittances from citizens in diaspora after the introduction of its new Diaspora Foreign Exchange Remittances Policy.

The CBN governor who said this while briefing journalists during a press briefing on the new policy in Abuja said that countries with similar demographic features as 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 apex bank governor said Deposit Money Banks would have no need of knocking on CBN doors to fund their commercial operations of the target is realised.

“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 stated.

He said the CBN had ordered all DMBs to close all their Naira General Ledger through which the naira remittances were hitherto being carried out so as to block all loopholes designed to manipulate the new policy.

He said the bank took the decision following resistance from international money transfer operators over its new decision on diaspora remittances.

Emefiele said, “The 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.”

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