The group reacts to the CBN's "Naira for Dollar" scheme.
The
Aminu Gwadabe, President,
Mr 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.
According to him,
The
He said the Naira for dollar measure was among the many recent strategies deployed by the CBN to attract more Diaspora remittances into the official channel and address the foreign exchange liquidity concerns in the market.
"Their is no doubt the incentive will be somehow attractive to the targeted beneficiaries of the remittances and therefore aimed to address concerns of one of the principal ally in the chain of remittances," Mr Gwadabe said.
He said that statistics from the Nigerians in
"This therefore suggests that it is a window, if well articulated and includes all the principal allies in the remittances space, will help the Nigerian economy for the availability of FX liquidity," Mr Gwadabe said.
The CBN, in a circular dated
The incentive, tagged "
He said that beneficiaries would get the incentive, whether they collect the remitted dollars as cash across the counter or through their domiciliary accounts.
The director said all commercial banks and International Money Transfer Operators (IMTOs) should ensure that the scheme takes effect from
More light
Shedding more light, CBN governor,
He stated that the scheme would greatly enhance the benefits of diaspora remittances in supporting investments and economic growth in
He said that the scheme was consistent with the global trend, adding that the apex bank aspired to ensure that remittance flows and diaspora investments became a significant source of external financing.
'CBN strives to constantly improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients.
"We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.
" The new policy will create an easier, more flexible, and more transparent, system of remittance administration, it will greatly enhance the benefits of diaspora remittances in supporting investments and growth in
He said that the policy was aimed at reducing rent-seeking activities, and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to
Similar schemes, according to him, have helped boost economies of some countries across the world.
"The use of reimbursements of remittance fees has been critical in supporting improved inflow of remittances to countries in
" PwC forecasts suggest that
NAN
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