The Central Bank of Nigeria (CBN) at the weekend disclosed that diaspora remittances through the ‘Naira 4 Dollar Scheme’ stood at $2.4 billion in the first six months of the year.


According to the Director of Trade and Exchange Department, Ozoemena Nnaji, the inflow has been strong, pointing out that in the entire 2021, remittances recorded through the scheme stood at $2.9 billion whereas in six months this year, Nigeria had already recorded $2.4 billion.


Nnaji, who spoke in Abuja said the CBN was considering improving the scheme to have a more streamlined approach, which would enhance diaspora remittances in collaboration with other government parastatals.


“In 2021, we were able to record $2.9 billion of cash inflows, so far this year, we have recorded $2.4 billion. So, in half of the year, we have gotten almost what we got in the year 2021.


“We have a component of remittances which include workers’ compensation, anyone that worked in Nigeria, even if you are a Nigerian but are paid in dollars because you work for an embassy or an international organisation, it is counted as a remittance


“So, there are so many components of remittances. But the component of inflows that comes into this country so far, we are at $2.4 billion.”


Nnaji stated that the CBN has had meetings with Pakistan’s monetary authority and has plans to improve the scheme’


“We actually did studies of countries that have implemented remittances schemes and we even had meetings with the Pakistani authority and what they are doing is far broader than what we are implementing here.


“We are taking baby steps because we also know that we don’t have the resources and weight to put on it because it involves both Ministries of Finance and that of Foreign Affairs,” the CBN director said, in response to a question.


She noted that citizens abroad who benefit from such scheme in Pakistan register with their embassies abroad and have a certain percentage remitted to the country every month in collaboration with their collating ministries in an orderly manner.


“We are talking to agencies in Nigeria including the Ministry of Foreign Affairs, but that conversation hasn’t gotten to a point where it can be implemented. “So, we are doing the Naira4Dollar and we have seen an increase in the Naira4Dollar in terms of remittances,” she said.


credit: globafinancialdigest.com