By Fabian Ekeruche
Lagos, March 9, 2021 The Association of Bureau De Change Operators of Nigeria (ABCON) on Monday said that a competitive Diaspora Remittance market space would engender Naira stability.
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Alhaji Aminu Gwadabe, President, ABCON, made the assertion in an interview with newsmen in Lagos, against the backdrop of the recent CBN Naira for dollar policy issued on March 5.
Gwadabe lauded the apex bank’s policy, but said more needed to be done for the policy to achieve its intended objective of shoring up the value of the Naira through liquidity boost.
He said there was the need to break the monopoly of some certain players in the remittances space by allowing the participation of other stakeholders like BDCs in the realm of remittances.
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Dabiri-Erewa as saying that the scheme would impact the Nigerian economy. She said CBN introduced the “NAIRA 4 DOLLAR SCHEME” for Diaspora Remittances following its policy of remittance issuance in the currency of remittance. Dabiri-Erewa said that the scheme was a welcome idea as the policy would encourage Nigerians in the Diaspora to send money through official channels. “
The CBN Naira 4 Dollar scheme is an incentive for senders and recipients of International Money Transfer whereby recipients of Diaspora Remittances through CBN-licensed International Money Transfer Operators (IMTOs) shall be paid N5 per every dollar received as remittance inflow,” it said. She also said NiDCOM was finalising a Nigerian diaspora investment fund through which Nigerians in the diaspora could structure and channel their investments.
Industrialists 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.