“Naira 4 Dollar”, source of external funding – CBN
The Central Bank of Nigeria, (CBN) has launched a forex policy aimed at shoring up remittances from overseas countries. The apex bank has said the policy termed, “Naira 4 Dollar Scheme for Diaspora Remittances”, is an incentive for senders and recipients of International Money Transfers.
Godwin Emefiele, Governor of the CBN, said equally that the policy would increase “the transparency of remittance inflows, reducing rent-seeking activities, and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to Nigeria”.
He said the policy, being “consistent with the global trend” would “ensure that remittance flows and diaspora investments become a significant source of external financing.”
According to the CBN, the PricewaterhouseCoopers, (PwC) forecasts suggest that Nigeria’s remittance flows could reach US$34.89 billion by 2023.
“But this can only be accomplished if remittance infrastructure improves and if the right policies are put in place,” said the bank in a statement it released on Saturday.