CBN Says Nigerians Abroad Increased Dollar Remittances From $6 Million to $100 Million Weekly

CBN Says Nigerians Abroad Increased Dollar Remittances From $6 Million to $100 Million Weekly

  • The amount of dollars shipped into Nigeria from abroad into Nigeria has increased from N1.4 billion to 41.5 billion weekly
  • The CBN governor, Godwin Emefiele announced the cheering news in a recent event and said that the feat was achieved because of its Naira4Dollar scheme
  • He said diaspora remittances in one major source of revenue earner for Nigeria amongst oil and FDI

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) said diaspora remittances grew from N2.4 billion to N41.5 billion weekly since the introduced the Naira4Dollar scheme.

The bank said the scheme has led to a great and meaningful improvement in the diaspora remittances into Nigeria.

Central Bank governor, Godwin Emefiele
Central Bank governor, Godwin Emefiele
Source: Facebook

According to the bank, in January 2022 alone, the scheme saw an increase from $6 million to $100 million.

A Nairametrics report says that Godwin Emefiele, the CBN governor said this as he was speaking at a special press conference at the end of the Bankers’ Committee meeting on Thursday, February 10, 2022.

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According to Emefiele, diaspora remittances plunged a lot in the wake of the COVID-19 pandemic just as the foreign exchange earnings slipped immensely because of the drop in exports and crash in the price of crude oil.

What the CBN is saying

“This is understandable because to the extent that COVID-19 led to significant job losses in many advanced economies, diaspora remittances also suffered commensurate reductions in inflows into Nigeria. All these factors jointly explain the heightened pressures on the currencies of major emerging market countries, including Nigeria.”

Emefiele said that the lessons that have been learned from its policies on remittances can be replicated in improving some areas of the foreign exchange inflow into Nigeria.

The CBN’s helmsman listed four major sources of foreign exchange inflow into Nigeria to include oil exports, non-oil exports, diaspora remittances, FDI and Portfolio Investments.

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CBN to stop sale of foreign exchange to banks by end of 2022 has reported that The Central Bank of Nigeria (CBN) has indicated that it would discontinue the sale of foreign exchange to Deposit Money Banks (DMB) by the end of the year.

This is as the apex bank has said that the banks must begin to source their forex from export proceeds, hence the need to support the non-oil sector of the economy, Channels Tv reports.

CBN Governor, Godwin Emefiele, made this known at the end of 364th Bankers Committee meeting on Thursday, February 10, 2022.


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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