CBNIndustrialists and Manufacturers on Monday said the Naira 4 Dollar Scheme, an initiative by the Central Bank of Nigeria to encourage diaspora remittances would help stabilize the forex situation of the country.
They made the assertion in separate interviews with the News Agency of Nigeria (NAN) on Monday in Lagos. x
NAN reports that the CBN in a circular dated March 5, 2021, directed all Deposit Money Banks and International Money Transfer Operators (IMTO) to henceforth pay recipients of diaspora remittances N5 for every USD1 received as remittance inflow.
Mr Segun Ajayi-Kadir, Director-General, Manufacturers Association of Nigeria (MAN) said the scheme was set against the backdrop of the forex squeeze aggravated by the fall in oil prices and the COVID-19 pandemic since the first quarter of 2020.
MAN, LCCI, experts speak on CBN s Naira for Dollar policy premiumtimesng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from premiumtimesng.com Daily Mail and Mail on Sunday newspapers.
Deji Elumoye in Abuja
There are indications that the nationâs sole dependence on crude oil revenue may end in the next 10 years if the current efforts being made by government to improve Nigeriaâs non-oil exports can be sustained.
The Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo, made this known yesterday while briefing reporters after a closed-door meeting with President Muhammadu Buhari at the State House in Abuja
According to him, within the next decade, Nigeria can get $30 billion in terms of non-oil export despite the effect of the current COVID-19 pandemic on the nationâs economy.
Olalekan Adetayo, Abuja
The Executive Director, Nigeria Export Promotion Council, Segun Awolowo, on Friday, described as the biggest surprise the swift way Nigeria’s economy recovered from the recession.
Awolowo spoke in an interview with State House correspondents after a meeting with the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja.
He said the council remained committed to its targets to realise at least $30bn in the next 10 years from zero oil export.
While admitting the negative impact of the COVID-19 pandemic on the economy, Awolowo said Nigeria could still get $30bn in terms of non-oil export as projected.
The Executive Director/CEO of the Nigerian Export Promotion Council, NEPC, Mr Segun Awolowo, yesterday assured that given the steps being taken to improve the non-oil exports, Nigeria will exit its dependence on crude oil revenue in the next 10 years.