Nigeria again led the rest of Africa as remittances to low- and middle-income countries are projected to register a 7.3 percent to reach $589 billion in 2021. The return to growth will see Nigeria log about $18billion out of $45billion assigned sub-saharan Africa, which is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent amid a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Brief released yesterday.
To boost inflows of diaspora remittances into the country, the Central Bank of Nigeria had in March launched a Naira 4 Dollar scheme that pays naira to senders and recipients of international money transfers…
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