Weekly Diaspora Remittances Have Reached $30m –Emefiele

The Central Bank Governor, Godwin Emefiele, has said that weekly diaspora remittances rose from $5m to $30.

He noted that the initiatives introduced by the Central Bank of Nigeria to boost forex in the country were yielding result.

Emefiele spoke during the CBN/Bankers Committee’s initiative for economic growth which was organised with Vanguard on Friday.

Stakeholders from the financial sector were in attendance, while state governors and other dignitaries attended virtually.

The theme of the event was “How to overcome the pitfalls of recession; Bankers perspectives on an enduring national growth path.”

On remittances, he said, “The CBN has already taken several measures to increase the flow of diaspora remittances into the country using formal channels.

“In December 2020, we instructed all international money transfer operators to provide remitters with the option of sending foreign exchange to beneficiaries in Nigeria

He also said that with the decline in the country’s foreign exchange earnings and subsequent adjustments in the value of the naira vis-à-vis the dollar, the CBN had continued to implement a demand management framework.

This, he noted, was designed to support improved production of items that could be produced in Nigeria, and further conservation of the country’s external reserves.

These measures, he noted, had helped to prevent a significant decline in the reserves

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