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Vanguard News Remittances, diaspora and development By Obadiah Mailafia EARLY in the month, CBN Governor Godwin Emefiele announced a new directive on Diaspora remittances. The new directive allows all recipients of remittances to collect their funds in dollars. They are also free to keep such funds in domiciliary bank accounts and to withdraw them in the same denominations at any time. The directive is aimed at creating a more attractive environment that encourages Nigerians abroad to wire money home. This comes at the wake of dollar shortages that have been persistent for much of this year, ...

Share Early in the month, Governor  of the Central Bank of Nigeira (CBN), Godwin Emefiele announced a new directive on Diaspora remittances.  The new directive allows all recipients of remittances to collect their funds in dollars. They are also free to keep such funds in domiciliary bank accounts and to withdraw them in the same denominations at any time. The directive is aimed at creating a more attractive environment that encourages Nigerians abroad to wire money home. This comes at the wake of dollar shortages that have been persistent for much of this year, culminating in the recent fa...