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CBN ‘naira-4-dollar’ policy may increase foreign remittance to $34bn
Tope Omogbolagun
The Central Bank of Nigeria’s ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89bn by 2023.
Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89bn by 2023 if the policies were right.
PwC in the forecast noted that the growth in remittances is subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.
The forecast revealed that as of 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.
Cross-border digital payments service, World Remit has described the move by the Central Bank of Nigeria, CBN, mandating commercial banks to open dollar accounts for customers who do not have as timely and apt.
Country Manager, World Remit, Nigeria and Ghana, Gbenga Okejimi, stated that the move would enhance remittance payments for those who receive support from family and friends abroad.
The CBN had recently announced that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US Dollar bank accounts for those who do not currently have US Dollar bank accounts.
The apex bank stated also that a $2,000 withdrawal limit will apply to these accounts
Cross-border digital payments service, World Remit has described the move by the Central Bank of Nigeria, CBN, mandating commercial banks to open dollar accounts for customers who do not have as timely and apt.
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