CBN Recorded $2.4bn Diaspora Remittances In 2022.

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The Central Bank of Nigeria (CBN) says the country has recorded $2.4 billion in diaspora remittances through its ‘Naira 4 Dollar Scheme’ in 2022.

In March 2021, the apex bank introduced the policy, which entailed the payment of N5 for every $1 received as a remittance inflow.

Director, trade and exchange department, CBN, disclosed this during the 33rd seminar for finance correspondents.

She explained that throughout 2021, remittances recorded through the scheme were $2.9 billion. Whereas, eight months into 2022, Nigeria had already recorded $2.4 billion.

“We have seen an increase in the Naira 4 Dollar in terms of remittances. For example, in 2021, we were able to record $2.9 billion of cash inflows, we have recorded $2.4 billion. So, in half of the year, we have gotten almost what we got in the year 2021,” Nnaji said.


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