CBN ‘naira-4-dollar’ policy may increase foreign remittance to $34bn
Tope Omogbolagun
The Central Bank of Nigeria’s ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89bn by 2023.
Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89bn by 2023 if the policies were right.
PwC in the forecast noted that the growth in remittances is subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.
The forecast revealed that as of 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.
I remember returning to New Delhi after a semester at Yale University in Connecticut some years back and trying to move what I had in U.S. dollars to my bank account in India. The process of remitting these savings was so clunky – involving applications in banks in both countries — that I just used my U.S. debit card until the account ran dry.
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