Tuesday, April 13, 2021

CBN says ‘naira-4-dollar’ policy may increase foreign remittance to $34bn

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The Central Bank of Nigeria’s ‘Naira-for-Dollar’ policy has the tendency to increase the country’s foreign remittances to $34.89bn by 2023.

One of the big four accounting firms, PricewaterhouseCoopers in a forecast suggested that Nigeria’s remittance flows could reach $34.89bn by 2023 if the policies are right.

PwC also noted that the growth in remittances is subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.

The forecast revealed that in 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.

Nigeria’s Diaspora remittance in 2019 was put at $21bn by the World Bank. Even though the forecast showed that the remittance would have risen to $27.66bn in 2020.

Experts believe the projection couldn’t have been met due to the impact of the COVID-19 pandemic.