CBN’s Policy will Drive-Up Diaspora Remittances in 2022

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Diaspora remittances into Nigeria are set to surpass Foreign Direct Investments (FDI) for the second year in a row, given some of the favorable policies initiated by the Central Bank of Nigeria, led by Governor Godwin Emefiele, alongside technological innovations, WorldRemit, a cross-border digital payment service provider, has said. Diaspora remittances into the country had fallen by 27.7 percent to $16.8 billion in 2020 from $23.24 billion in 2019 on the back of job losses occasioned by the Covid-19 pandemic that dulled inflow into the country.

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