There is palpable excitement among Forex users as the
The CBN Governor, Mr.
He said following the announcement of the new policy measures, the apex bank, in an effort to enable smooth implementation had engaged with the commercial banks and the International Money Transfer Operators (IMTOs) to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.
He stated that as a result of the CBN's engagements with major IMTOs and the DMBs yesterday, the stakeholders had committed that they would deploy all the necessary tools to "ensure that these measures become effective from
Emefiele told journalists in
He said: "I, therefore, seize this opportunity to announce to Nigerians both at home and in the Diaspora that the policy of recipients receiving their monies from abroad kicks off on
"All the IT systems of these IMTOs (
According to him, the apex bank's policy to allow for unfettered access to foreign exchange from the Diaspora and other money transfer remittances is to support improved remittance inflows into the country through official channels.
Emefiele said the current annual remittance inflow of about
He, however, said following up on the implementation of the new forex and Diaspora remittance policies, the CBN observed some pushback by some of the IMTOs, which he said were bent on continuing their nefarious activities of undermining the new policy by attempting to resist it.
He said: "This was the reason the CBN had to insist on
"Based on this premise, we analysed data on IMTO inflows into the country over the past year, and through our investigations, discovered that some IMTOs, rather than compete on improving transaction volumes and create more efficient ways for Nigerians in the Diaspora to remit funds, resorted to engaging in arbitrage arrangements on the naira-dollar exchange rate, which to a large extent resulted in a significant drop in inflows into the country.
"It also encouraged the use of unsafe unofficial channels, which also supported diversion of remittance flows meant for
Emefiele explained that in an effort to boost remittance inflows and foster an environment that would enable a faster, cheaper and more convenient flow of remittances back to
He added that the new policies will be a major game-changer in remittance inflows into the country.
He said: "As a matter of fact, from the data that we have, the way the size of remittance is computed by the
"But it is important for me to draw a parallel. I am aware from data available that for instance,
"So we are hereby saying that if
He said he was certain that after some time, deposit money banks will not have any need to call on the central bank to provide dollar to fund their imports or commercial operations.
Emefiele also dispelled concerns that the new policies could support money laundering, adding that the institutions involved in money transfer have good reputation as well as a robust customer identification system in the country.
He said: "I want you to know that even from abroad, where these funds are coming, that is why we talk about institutions that are tested like
He said the CBN would ensure that most of those who would be receiving Diaspora remittances come with some forms of identity card, saying when the transfers started in 1996 with some forms of identification at that time,
According to Emefiele, in an effort to liberalise, simplify and improve the receipt and administration of Diaspora remittances into the country, the CBN has moved to ensure that beneficiaries of Diaspora remittances through IMTOs shall henceforth receive such inflows in foreign currency (US dollars) through the designated bank of their choice.
He said such recipients of remittances may have the option of receiving these funds in foreign currency cash (US dollars) or into their ordinary domiciliary account.
He added that the changes were necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into
He stated that the measures would help finance a future stream of investment opportunities for Nigerians in the Diaspora while also guaranteeing that recipients of remittances will receive a market-reflective exchange rate for their inflows.
CBN, NSIA, AFC to
Meanwhile, as part of the new environment being created for the implementation of public-private partnership (PPP) projects, the federal government through the
The Vice President, Prof Yemi Osinbajo, who disclosed this at a webinar, yesterday on Deepening the Nigerian infrastructure stock through
This, he said, would help to, not only unlock investment from local sources but also attract foreign private investment in infrastructure development.
Speaking at the event, which was organised by the
"In spite of government interventions over the years,
Osinbajo noted that available statistic from the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan indicate that
Based on the statistics, he stated that the federal government would have to spend the entire revised 2020 appropriation of N10.81 trillion continuously for the next 108 years or more on capital expenditure to meet that target.
He explained that the fact that N2.49 trillion was appropriated for capital expenditure in 2020, underscored the importance of deliberate and pragmatic action to boost infrastructural spending.
On the benefits of effectively implementing PPP arrangement for
On how the Buhari administration is leveraging the partnership with the private sector to bridge the huge infrastructure gap, Osinbajo said the federal government recently issued a circular on the administration of PPP projects in the country to provide the much-needed clarity.
The circular, he said, re-emphasised that the BPE shall be responsible for the concession of public enterprises and infrastructure already listed in the First and Second Schedules of the Public Enterprises Act.
Calling for the cooperation of all stakeholders for the effective implementation of the policy, Osinbajo noted that it was expected that this new policy direction would provide clarity to stakeholders and foster the improvement of PPP programmes in the country.
On the operations of the
Calling on the private sector to support
In his welcome address, the BPE Director-General, Mr.
Participants at the webinar were, among others, the Ministers of Mines and
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