Abuja, Nigeria (CWBN)_ The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday, said the objective of the CBN is for the nation to pull in about $2bn month to month as settlements from residents in diaspora.
Emefiele’s position is coming after the peak bank presented its new Diaspora Foreign Exchange Remittances Policy.
The CBN supervisor told writers during a press instructions on the new approach in Abuja that nations that had comparative segment highlights with Nigeria, for example, Pakistan, regularly got about $2bn month to month from their residents in diaspora.
“I’m aware from the data available that, for instance, Pakistan, even in the midst of COVID-19 receives $2bn monthly from flows from Pakistani in diaspora” he said. “If Nigeria is able to receive even if it is just $1bn monthly or moving close to $2bn monthly, I’m so certain you all know what will happen to the exchange rate in Nigeria.”
Emefiele said that it ought to keep the $2bn target each month, Deposit Money Banks would after some time have no need of calling the CBN to support their business activities.
