The Governor of the Nigerian Apex Bank (CBN), Godwin Emefiele, has reiterated that the recent introduction of the new Diaspora Forex Remittances policy aims to target about $2 billion monthly from foreign remittances.
He made this disclosure while addressing newsmen at a conference in Abuja yesterday. According to him, the policy implementation has commenced while adding that Nigerians can now receive remittances from their family members, friends, and associates in Diaspora in the foreign currency of such remittances.
He said: “If Nigeria can receive even if it is just $1billion monthly or moving close to $2 billion monthly I’m so certain you all know what will happen to exchange rate in Nigeria”.
According to him, If this policy is conceived to ensure that the nation’s remittance inflows hit at least $2billion target on a monthly basis, “after sometime deposit money banks will not have any need to begin to call on CBN to provide dollar to fund their commercial operation and that is why we are saying that we want to aggressively take this over and see how this will help our economy. He said.
CBN noted that the policy came following resistance from International Money Transfer Operators over its new decision on foreign remittances. His words, “CBN observed some pushback by some of the IMTOs bent on continuing their nefarious activities of undermining our policy by attempting to resist the new policies”.
As a result of the push back, CBN on Wednesday, December 2, 2020, ordered that “all DMBs must close all Naira General Ledgers through which the Naira remittances were hitherto carried out”.
He believes this policy would help in providing an easier channel for Nigerians living across borders to remit funds to Nigeria and also ensure that these funds contribute to the general development of the Nigerian economy.
Featured Image: Godwin Emefiele, Governor Central Bank of Nigeria
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