Wednesday, January 27, 2021

CBN to get $2bn diaspora remittances monthly

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The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday, said the target of the CBN is for the country to attract about $2bn monthly as remittances from citizens in diaspora.

Emefiele’s position is coming after the apex bank introduced its new Diaspora Foreign Exchange Remittances Policy.

The CBN boss while speaking on the new policy in Abuja said countries that had similar demographic features with Nigeria, such as Pakistan, often received about $2bn monthly from their citizens in diaspora.

Emefiele noted that should the $2bn monthly target be met, Deposit Money Banks would after some time have no need of calling the CBN to fund their commercial operations.