Tag: Diaspora remittances

Diaspora remittance: Nigeria retains position as sub-Saharan Africa’s top recipient in 2020 – World Bank

Aminu Imam

The World Banks’ 2021 Migration and Development Report has shown that Nigeria remains in the number one position as the top remittance recipient in sub-Saharan Africa in 2020. The report revealed that the country received 17.2bn dollars as remittances, while Ghana was the number two recipient of remittance in sub-Saharan Africa in 2020. According to the record, despite the devastating impact of the Covid-19 pandemic last year, remittances to Ghana increased by 5% to US$3.6 billion . The World Bank document stated that apart from Nigeria which saw a significant decline in…

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Nigerian banks to pay N5 ‘subsidy’ for every $1 received from abroad – CBN

Aminu Imam

Says it’s to boost Diaspora remittances The Central Bank of Nigeria, (CBN) has directed International Money Transfer Operatives (IMTO) to pay a N5 fee for every $1 on diaspora remittances. The apex bank, in a statement issued on Friday and signed by A.S. Jibrin for the Director, Trade and Exchange Department, said the move will boost and sustain inflows of Diaspora remittances into the country. The CBN said the “Naira 4 Dollar Scheme” will ensure recipients of diaspora remittances are paid N5 for every 1 US Dollar received as remittance…

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CBN allows dollar cash withdrawals from Diaspora remittances

Aminu Imam

Says it can be sold anywhere, including black market The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr. O.S. Nnaji. In the new amended procedure,…

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