The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, has pledged to look into the high charges on remittances inflow to Nigeria.
He believes it will make room for a robust economy.
Dr. Cardoso gave this assurance during a strategic meeting, led by Honourable Abike Dabiri-Erewa, the Chairman/CEO and Management of Nigerians in Diaspora Commission (NiDCOM), to the CBN headquarters, in Abuja.
Cardoso expressed concerns over the staccato status of remittances and assured Nigerians that investigations would be carried out.
Also, he added that the apex bank was taking necessary actions to ensure Nigeria remains the highest receiver of remittances in Sub-Saharan Africa after Egypt.
However, according to World Bank statistics, in 2022, diaspora remittances stood at well over 22 billion dollars to Nigeria.
CBN Calls For Synergy
Also, the CBN Governor commended NiDCOM’s progress and initiatives in four years.
He asks for a deepened synergy between the two organisations, stating that “any bottleneck to remittances will be taken out”.
Earlier, Dabiri-Erewa lamented the high tax rate on remittances noting that Nigeria had the highest rate.
“I believe Diaspora remittances can be improved if the challenges can be looked into and addressed,” she added.
The NIDCOM boss called on the leadership of the Bank to partner with NiDCOM in its numerous initiatives.
Basically, the agency has initiatives like “the National Diaspora Policy, which the CBN is a major stakeholder, Diaspora Data Mapping and Nigerian Diaspora Investment Trust Fund
Others are Diaspora Quarterly Lectures, Badagry Door of Return and Nigeria Diaspora Investment Summit to mobilise and increase Diaspora Remittances.”
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