Ripples Nigeria
Despite efforts by the Central Bank of Nigeria (CBN) to increase diaspora remittances, money sent home by Nigerians living abroad fell by 62 percent.
Latest data obtained from CBN website showed the total direct remittances stood at $1.96 billion in first 10 months of 2021 compared to the $5.21billion Nigeria recorded during the height of COVID-19.
It was even worse when you consider that pre-pandemic (2019) $19.2 billion was sent home in the first 10 months of 2019.
The drop in remittance was despite the ongoing Naira 4 Dollar Scheme initiated on March 5 to encourage the use of official means to send money back to Nigeria.
When CBN introduced the policies, licensed international money transfer operators…
