Diaspora remittances begins today, CBN eyes $2bn revenue monthly

The Central Bank of Nigeria (CBN) is targeting about $2 billion from Diaspora inflows monthly with the remittances starting today.

All Diaspora remittances to Nigeria must be given to beneficiaries via the currency they were transferred, most times, the US dollars.

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The CBN Governor, Mr Godwin Emefiele, who briefed journalists on Thursday in Abuja, said on no account should beneficiaries of remittances be paid in naira, adding that the naira ledger ICT platform has been disabled by the deposit money banks.

The CBN boss also said with the new measure, close to $2bn could be attracted into the Nigerian economy monthly.

“I am aware from data that Pakistan, even during this COVID-19 pandemic, received $2bn monthly from Pakistani diaspora remittances. This is a country that by demography and geography is about the same as Nigeria.

“If Nigeria can receive even $1bn or move close to $2bn monthly, after sometime, deposit banks will have no need to begin to recourse to the CBN to provide dollars to fund their import or commercial operations,” he also stated.

Emefiele said with improved dollar inflow, the pressure on the naira would drop and dollar speculators and rent-seekers would have themselves to blame.

He said CBN had to insist on Wednesday, December 2, 2020, that all DMBs must close all Naira General Ledgers through which the Naira remittances were hitherto being carried out.

Emefiele however said after an engagement yesterday with major IMTOs and DMBs, they committed to deploying tools to ensure that the measures become effective today.

“I, therefore, seize this opportunity to announce to Nigerians both at home and in the Diaspora that the policy of recipients receiving their monies from abroad kicks off on December 4, 2020.

“All the IT systems of these IMTOs (Western Union, Moneygram and Ria services) and the DMBs have been properly configured to begin remittance tomorrow, Friday, December 4, 2020,” he said.