Weekly Diaspora Remittances into Nigeria Rise to $100m – Emefiele

Godwin Emefiele CBN-Governor

Diaspora remittances to Nigeria rose from $5m per week in June 2020 to over $100m per week in October 2021.

The (CBN) Governor, Godwin Emefiele, made this known this while giving his keynote address at the 56th Chartered Institute of Bankers of Nigeria Annual Bankers Dinner in Lagos.

He said, “Our current account deficit has narrowed significantly, from a huge deficit of 4.53 per cent of Gross Domestic Product in the fourth quarter of 2020 to negative 0.44 per cent of GDP in the second quarter of 2021 due to a surplus position in the goods account.

“The surplus position in the goods account is due to a reduction in imports, increase in crude oil and gas export receipts, and improvement in remittance inflows.

“Remittance inflows have been supported by our naira for dollar programme, and we have seen a surge in remittance inflows from over $5m per week in June 2020 to over $100m per week in October 2021.”

While explaining the impact of COVID-19 on the banking sector, he said the sector remained robust and sound due to prompt response by the Central Bank of Nigeria in order to prevent an economic crisis from spilling over into a financial crisis.

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