Licensed currency traders say International Money Transfer Operators (IMTOs) are no longer diverting forex proceeds, especially diaspora remittances, outside the official system.
The Nigerians in Diaspora Commission (NIDCOM) has attributed the recent surge in diaspora remittances to the policies of the Central Bank of Nigeria (CBN) and the renewed trust Nigerians abroad have in the financial system.
The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has credited Nigeria’s recent currency rebound to...
Since its launch was first announced in Washington D.C. last year by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, the Non-Resident Bank Verification Number (NRBVN) initiative has continued to gain traction among Nigerians in the diaspora.
Nigerians in the diaspora have remitted over $90 billion in the last five years to support national development.
Nigeria recorded a current account surplus of $5.14 billion, or 11.46% of GDP, in Q2 2024, representing a significant improvement from the $3.38 billion (7.35% of GDP) surplus reported in the previous quarter.
Nigeria emerged as a major recipient of diaspora remittances in Sub-Saharan Africa, capturing approximately 35% of the region’s total inflows in 2023.
Nigeria recorded $282.61 million as total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that a mere 10% of the $20 billion 2023 diaspora remittances reached the Nigerian foreign exchange market.
He revealed he sees the Diaspora as our vanguard for keeping up with the rest of the world,a secret weapon.
Nigeria’s Diaspora remittance inflow is set to increase by 7.1% in 2022 because of higher food prices and the continued adoption of official bank channels.
In England, there’s something we say. “Being British is all about driving a German car to an Irish...
