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Home Markets Currencies

CBN expects $24bn annual diaspora remittances – Emefiele

Johnson Uche by Johnson Uche
December 4, 2020
in Currencies
diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

CBN Governor, Godwin Emefiele

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A total of $24 billion is expected annually as remittances from citizens in diaspora, following the introduction of Diaspora Foreign Exchange Remittances Policy by the Central Bank of Nigeria.

According to the CBN Boss, Mr. Godwin Emefiele, the target is predicated on the inflows accruable to countries that have similar demographic features with Nigeria, such as Pakistan, which often receives about $2bn monthly from their citizens in diaspora.

READ: CBN clears air on Diaspora Remittances, official inflows $2.6bn not $26bn 

In his words, “I’m aware from the data available that, for instance, Pakistan, even in the midst of COVID-19 receives $2bn monthly from inflows from Pakistanis 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 is so optimistic that consistently meeting the monthly target of $2bn would reduce so much pressure on the Deposit Money Banks from calling the CBN to fund their commercial operations.

READ MORE: Nigeria records lowest remittances from abroad since 2008

READ: World Bank says remittances to Nigeria, other LMICs will drop by 20% in 2020

What you should know

  • Diaspora Foreign Exchange Remittances Policy takes effect from today, December 4, 2020.
  • To block any possible loophole or sabotage, the CBN had ordered all DMBs to close all their Naira General Ledger, through which the naira remittances were being carried out.
  • The target of annual remittance inflow of close to $24bn will help improve the country’s balance of payment position, reduce her dependence on external borrowing, and mitigate the impact of COVID-19 on foreign exchange inflows into the country.

READ: CBN issues subtle warning explaining how domiciliary accounts should be used

  • The policy change would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients of remittances would receive a market-reflective exchange rate for their inflows.
  • All beneficiaries shall have unfettered access and utilization to such foreign currency proceeds, either in FX cash and/or in their Domiciliary Accounts, in line with the extant CBN circular TED/FEM/FPC/ GEN/01/010.

READ: Nigeria is the 14th largest producer of tomatoes in the world, second in Africa – NIHORT

READ: Financial Expert explains why CBN should be worried over Facebook’s Libra

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