CBN Governor pledges to increase inflow of Diaspora remittances

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Governor, Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, has pledged to do everything possible to improve Diaspora remittances into the country.

Cardoso said he will be looking into the high charges on remittances inflow to Nigeria for a robust economy.

The CBN Governor according to a statement by Mr. Gabriel Odu,
Media, Public Relations and Protocols Unit,
NiDCOM, gave the assurances during a strategic meeting, with  Abike Dabiri-Erewa,  led Management of Nigerians in Diaspora Commission (NiDCOM), at the CBN headquarters, in Abuja.

Cardoso expressed concerns over the staccato status of remittances and assured that investigations would be carried out and necessary actions taken to ensure Nigeria remains the highest receiver of remittances in Sub-Saharan Africa after Egypt.

According to World Bank statistics, in 2022, diaspora remittances stands well over $22billion dollars to Nigeria.

The CBN Governor commended NiDCOM’s progress and initiatives under four years and called for deepened synergy between the two organizations, “any bottleneck to remittances will be taken out”, he stated.

Earlier, Dabiri-Erewa has lamented on the high tax rate on remittances noting that Nigeria has 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 like the National Diaspora Policy, which the CBN is a major stakeholder, Diaspora Data Mapping, Nigerian Diaspora Investment Trust Fund, Diaspora Quarterly Lectures, Badagry Door of Return and Nigeria Diaspora Investment Summit to mobilize and increase Diaspora Remittances.


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