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The Central Bank of Nigeria (CBN) said it recorded a total decline of 48% in direct foreign exchange remittances in the country.
The country’s apex bank said direct remittances of foreign currency had risen from $130.12 million to $119.4 million in January 2022.
This was in a report obtained from the CBN over the weekend, which showed a 48% drop in remittances over a one-month period.
According to the CBN’s report on weekly international payments, the country recorded $217.7 million, $51.74 million and $224.24 million in total direct transfers in November, October and September, respectively.
Direct remittances enter the country via international money transfer operators, banks, etc.
The CBN’s economic report for the fourth quarter of 2021 indicates that the emergence and spread of the omicron variant Covid-19 has affected global economic dynamics and hampered the inflow of worker remittances.
“The secondary income account posted a lower surplus of $6.15 billion, compared to $6.46 billion in the previous quarter, due to a decrease in both general government revenue and personal transfers.
“Personal transfers, including workers’ remittances, fell 5.0% to $4.72 billion in the fourth quarter of 2021, from $4.97 billion in the previous quarter, while government receipts government in the form of transfers decreased by 4.0% to $1.5 billion,” he said.
Recall that CBN Governor Godwin Emefiele previously said that lessons learned from his remittance policies could be applied to improve certain aspects of the inflow of foreign currency into the country, adding that there are four main sources of foreign exchange inflows into Nigeria.

“These are oil export earnings, non-oil export earnings, diaspora remittances and foreign direct/portfolio investment,” Emefiele said.

According to him, the launch of the “RT200 FX program” will boost the supply of foreign exchange in the country through the non-oil sector over the next three to five years, policies and measures have introduced the inflow and remittances of diaspora funds from an average of $6 million per week in December 2020 to an average of over $100 million per week by January 2022.

“The RT200 FX program is a set of policies, plans and programs for non-oil exports that will enable us to achieve our ambitious but achievable goal of $200 billion in foreign exchange repatriation, exclusively from non-oil exports. , over the next three to five years,” he said.

The CBN boss said the program’s five key anchors are a value-added export facility; ease of expansion of non-oil commodities; non-oil exchange discount system; dedicated non-oil export terminal; and biannual summit on non-oil exports.

By: Corlins Walter

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