How CBN Expects To Get $2bn Diaspora Remittance Monthly

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Godwin Emefiele CBN Governor

The Governor of the Central Bank of Nigeria (CBN), 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.

He disclosed this to journalists during a press briefing on the new policy in Abuja, stating that countries that had similar demographic features with Nigeria, such as Pakistan, often received about $2bn monthly from their citizens in diaspora.

He said, “I’m aware from the data available that, for instance, Pakistan, even in the midst of COVID-19 receives $2bn monthly from flows from Pakistani in diaspora. “If Nigeria is able to receive even if it is just $1bn monthly or moving close to $2bn monthly, I’m so certain you all know what will happen to the exchange rate in Nigeria.”

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. “So, that is why we are saying that we want to aggressively take on this and see how this will help our economy,” the governor said.

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