Nigerian Central Bank (CBN) Provides Regulatory Guidelines On New Diaspora Remittances Policy

Regulatory guidelines on Nigeria's new diaspora remittances policy. 

ICMS, Inc. Reports 
By Tom Okure, Ph.D.

COMMENTARY 

The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele in a press conference on December 3, 2020 formally provided further regulatory guidelines on Nigeria's new diaspora remittances policy. 

Godwin Emefiele, Governor of CBN

We in the Diaspora applaud the new remittance policy and the action of the Central Bank of Nigeria to improve the foreign exchange earnings of Nigeria derived from diaspora remittances into Nigeria estimated to be as high as 26 billion US dollars annually. Nevertheless as the saying goes: “The test of the pudding is in the eating.”

While the policy intentions of the central bank and the Nigerian government are very noble, the failure of many government policies in Nigeria are usually in the implementation of the policies. There are vested institutional interests and black market agents who will resist this policy and are already showing their opposition to this good intention policy designed to help the economy.   

We will shortly see and report back to our readers on weather this policy is working by examining the practical application of the policy. A key question for our examination is whether the Nigerian Banks entrusted with the implementation of this innovative policy will have the dollars readily in the proper denominations to give the recipients of the overseas transmitted funds? From practical experience of many individuals operating domiciliary accounts, it is sometimes difficult to withdraw or have access to one funds because the banks usually claim or complain that they do not have the funds to give the funds owners immediately.