Home Latest News CBN tasked on monitor of Diaspora remittances

CBN tasked on monitor of Diaspora remittances

…There’s controversy on figures—Rep

From Jonas Ezieke Abuja

The House of Representatives Committee on Diaspora and the Association of Bureaux de Change Operators of Nigeria have called for a stronger and closer monitoring of Diaspora remittances by the Central Bank of Nigeria CBN.

The two entities made the called to the monetary authorities at an investigative hearing of the House Committee on Diaspora on remittances of Nigerians in Diaspora at the National Assembly.

Chairperson of the House Committee Hon. Tolulope Akande-Sadipe said that the the investigation is to ascertain the actual figure of funds remited by Nigerians living in other countries to the nation’s domestic economy.

She said that the House and indeed Nigerians acknowledge the role of Nigerians in diaspora who usually send money to their home country adding that it complements the government efforts in development.

She further said that there is so much controversy on the actual figure of remittances of Nigerians living in countries of Europe, Asia and America and other nations and called for closer monitoring of remitted funds.

Similarly, the Association of Bureaux de Change Operators of Nigeria said that the need for a stronger regulation of the business of foreign exchange in the country cannot be overemphasized.

Chairman of the group, Aliyu Gwadabe said that the association has been advocating for a national policy on dispora remittances due to the number of unregulated operators in the industry

Nontheless, the CBN said that it had issued a guideline on the issue of diaspora remittances and the BDCs can only act in accordance with these set of rules.

Director of Exchange Ozoemena Nnamchi who excused and represented the CBN Governor Godwin Emefiele at the hearing said that the apex bank had instructed the commercial banks to allow for access to these funds in local currencies.

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