Nigeria’s Diaspora Remittances May Beat World Bank’s Projection, Rise 10% To $14.2bn

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Nigeria’s diaspora remittances inflow is set to beat the World Bank’s  projection for 2021, as it rose to $14.2 billion in September 2021

Up to10 per cent Year-on-Year, YoY, from $12.9 billion in the corresponding period of 2020, reflecting the impact of post-COVID economic recovery measures.

The upward trend continued in Q2 and Q3 when diaspora remittances rose QoQ by 21% and 1.0% to $4.92 billion and $4.97 billion.

CBN introduced the “Naira4Dollar” scheme, which rewards beneficiaries of remittances with N5 for every $1 of remittance sent through the banks.

– Parrot

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