The Central Bank of Nigeria (CBN) claims that its recent ‘Naira-for-Dollar’ policy will make remittance transfers cheaper for Nigerians living abroad.
The governor of the apex bank, Godwin Emefiele, stated this at Fidelity Bank’s inaugural diaspora webinar on Saturday, March 6, 2021.
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The Central Bank of Nigeria (CBN) recently announced that all beneficiaries of diaspora remittances collected from CBN-licensed international money transfer operators (IMTOs) would be paid N5 for every $1 in remittance inflow.
The plan will go into force on March 8, 2021.