Total value of dollar remittances by Nigerians working oversea has surged to $34 billion, a figure that easily surpassed the previous record-high of $25 billion, according to a report.
The increase, which has been attributed to the Central Bank of Nigeria (CBN)’s “naira for dollar” incentive scheme, again highlights the growing importance of diaspora remittances to Africa’s most populous country.
An economist with Adedipe Associates Limited, Mr. Biodun Adedipe is quoted to have explained that the CBN’s incentive scheme may well be the reason why the target of $34 billion in annual diaspora remittances was reached two years ahead of schedule…
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