CBN Targets Increased Diaspora Remittances into Nigeria

Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso has pledged to look into the high charges on remittances inflow to Nigeria for a robust economy.

The CBN Governor gave the assurance during a strategic meeting, led by the Chairman/CEO and Management of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, to the CBN headquarters in Abuja.

Cardoso expressed concerns over the staccato status of remittances and assured that investigations would be carried out and necessary actions taken to ensure Nigeria remains the highest receiver of remittances in Sub-Saharan Africa after Egypt.

 World Bank statistics in 2022 showed diaspora remittances to Nigeria standing at over $22billion dollars.

The CBN Governor commended NiDCOM’s progress and initiatives under four years and called for deepened synergy between the two organisations, promising that “any bottleneck to remittances will be taken out.”

Earlier, Dabiri-Erewa has lamented on the high tax rate on remittances noting that Nigeria has the highest rate.

She said: “I believe Diaspora remittances can be improved if the challenges can be looked into and addressed.”

The NiDCOM Boss called on the leadership of the Bank to partner with NiDCOM in its numerous initiatives like the National Diaspora Policy, which the CBN is a major stakeholder, Diaspora Data Mapping, Nigerian Diaspora Investment Trust Fund, Diaspora Quarterly Lectures, Badagry Door of Return and Nigeria Diaspora Investment Summit to mobilize and increase Diaspora Remittances.

Michael Olugbode in Abuja

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