CBN’s Director, Trade and Exchange, Ozeomena Nnaji who disclosed this, said the remittances in the diaspora between January 2016 and December 2019 are currently being investigated by three committees.
Nnaji said that Nigeria has a spending policy that guides its currency because of the effect of spending foreign currency in Nigeria has on the value of the naira.
She said when money comes in as either dollars or euros, it is important to exchange it and get the naira currency as this promotes the naira value and the exchange rate stability.
ALSO READ: Buhari booed in Maiduguri
“If we have more funds come in as remittances, our foreign reserves go up, and when that happens, the confidence in the Nigerian economy will go up. It helped in price stability and exchange rate stability management and that the apex bank was interesting in increasing Diaspora remittances,” Nnaji added.
Nnaji while speaking further hinted on the World Bank report that says Nigeria received 25 million dollars Diaspora remittances in 2019. According to her, the CBN only received 10 million dollars between 2016 and 2019.
“If the World Bank says 25 million dollars for 2019; their formula for calculating is based on cash, kind and trend analysis. “What the CBN counts is the physical cash that comes in through the banks and International Money Transfer Operators,” she said.
You may be interested
Senate observes one minute silence in memory of TB JoshuaWebby - June 8, 2021
A file photo of Prophet T.B. Joshua.The Senate on Tuesday held a minute silence to mourn the demise of Prophet…
Bombshell! How COVID-19 was engineered to be hyper-infectious – ExpertsWebby - June 8, 2021
Two experts, Dr. Steven Quay and Professor Richard Muller have said key genetic evidence could prove that COVID-19 was engineered…
Angry Residents Burn Three Kidnappers To Death In Iyana Ipaja (Video)Webby - June 8, 2021
An irate crowd burned a man and the car he was traveling in with two other men in Iyana Ipaja,…