The recent World Bank report on Migration and Development as it concerns the global flow of remittances has raised critical issues of concern to the well functioning of the Nigerian economy.
Fidelity Bank has restated support for the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by improving Diaspora remittances and foreign exchange (FX) inflows into the country.
By Fabian Ekeruche
Lagos, March 9, 2021 The Association of Bureau De Change Operators of Nigeria (ABCON) on Monday said that a competitive Diaspora Remittance market space would engender Naira stability.
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Alhaji Aminu Gwadabe, President, ABCON, made the assertion in an interview with newsmen in Lagos, against the backdrop of the recent CBN Naira for dollar policy issued on March 5.
Gwadabe lauded the apex bank’s policy, but said more needed to be done for the policy to achieve its intended objective of shoring up the value of the Naira through liquidity boost.
He said there was the need to break the monopoly of some certain players in the remittances space by allowing the participation of other stakeholders like BDCs in the realm of remittances.