President of the African Export-Import Bank (Afreximbank), Professor Okey Oramah, has said more can be gotten from Nigerians in the diaspora through specialised funds and accounts that will encourage them to save their long-term funds at home.
He made the disclosure while speaking at a webinar organised by Fidelity Bank Plc, entitled, ‘The New FX Policy, Implications and Positive Impact on Diaspora Investments’.
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It could be recalled that in a bid to boost forex liquidity and provide incentive for diaspora remittances, CBN through a circular dated March 5, 2021, stated that all recipients of diaspora remittances through the apex bank’s licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow as an incentive.
He commended the CBN governor for the current reforms taking place with regard to diaspora remittances.
Oramah said: “Africans and Nigerians can consider allowing special diaspora foreign currency accounts with higher interest rates than the US or Europe and with an inbuilt guarantee against potential losses from bank failures and country risks.
“Afreximbank would be happy to work with authorities to put in place a country risk guarantee that can be retailed to diaspora depositing money in such foreign currency accounts. We have done something similar in Zimbabwe.”
He stated that by creating the requisite environment, the diaspora could become a catalytic force that would break the development barriers and rapidly transform the country and the continent.
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