CBN pledges to address high charges on diaspora remittances

Governor, Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, has pledged to look into the high charges on remittances inflow to Nigeria for a robust economy.

The CBN Governor gave the assurances during a strategic meeting, led by Hon. Abike Dabiri-Erewa, the Chairman/CEO and Management of Nigerians in Diaspora Commission (NiDCOM), to the CBN headquarters, in Abuja.

Cardoso expressed concerns over the staccato status of remittances and assured that investigations would be carried out and necessary actions taken to ensure Nigeria remains the highest receiver of remittances in Sub-Saharan Africa after Egypt.

According to World Bank statistics, in 2022, diaspora remittances stand well over $22billion to Nigeria.

The CBN Governor commended NiDCOM’s progress and initiatives under four years and called for deepened synergy between the two organizations, “any bottleneck to remittances will be taken out,” he stated.

Earlier, Dabiri-Erewa has lamented on the high tax rate on remittances noting that Nigeria has the highest rate.

“I believe Diaspora remittances can be improved if the challenges can be looked into and addressed,” she added.

The NiDCOM Boss called on the leadership of the Bank to partner with NiDCOM in its numerous initiatives like the National Diaspora Policy, which the CBN is a major stakeholder, Diaspora Data Mapping, Nigerian Diaspora Investment Trust Fund, Diaspora Quarterly Lectures, Badagry Door of Return and Nigeria Diaspora Investment Summit to mobilize and increase Diaspora Remittances.