The Central Bank of Nigeria on Saturday explained that its new remittance policy that gives a rebate of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations, has the potential to boost Nigeria’s remittance to US$34.89bn by 2023.
The new policy which is set to begin by March 8 was announced by the apex bank’s Governor, Godwin Emefiele during a virtual event organised by Fidelity Bank.
According to a statement issued by the CBN on Twitter, the new policy is consistent with global financial practice obtained in the world.
The tweet read “The use of reimbursements of remittance fees has been critical in supporting improved inflow of remittances to countries in South Asia and in improving their balance of payments position following the COVID-19 pandemic.
“Consistent with the global trend, Nigeria aspires to ensure that remittance flows and diaspora investment becomes a significant source of external financing.
“Policy on the administration of remittance flows is aimed at increasing the transparency of remittance inflows, and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to Nigeria.
“PwC forecasts suggest that Nigeria’s remittance flows could reach US$34.89bn by 2023. But this can only be accomplished if the remittance infrastructure improves and if the right policies are put in place.”
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