The Central Bank Governor, Godwin Emefiele, has disclosed that weekly diaspora remittances has risen from $5m to $30.

He attributed  boost forex in the country which he said was yielding result to initiatives introduced by the Central Bank of Nigeria to

He made the disclosure at the CBN/Bankers Committee’s initiative for economic growth which was organised with Vanguard Friday.

Stakeholders from the financial sector were in attendance, while state governors and other dignitaries attended virtually. The theme of the event was “How to overcome the pitfalls of recession; Bankers perspectives on an enduring national growth path.” On remittances, he said, “The CBN has already taken several measures to increase the flow of diaspora remittances into the country using formal channels. “In December 2020, we instructed all international money transfer operators to provide remitters with the option of sending foreign exchange to beneficiaries in Nigeria. “This new measure has helped to reduce the diversion of forex by some IMTOs, who had thrived from forex arbitrage arrangements, rather than on improving transactions volumes to Nigeria. “Indeed, we have already seen remittances improve from a weekly average of about $5m before this policy, to over $30m per week.