Diaspora remittances to Nigeria reach $10.11 billion in first half of 2022

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The common act of sending money home resonates a lot with Nigerians in the Diaspora. Nigeria is said to be the largest recipient of Diaspora remittances in Sub-Saharan Africa, as remittances to Nigeria now constitute a significant portion of the country’s GDP.

According to the Nigerian Ministry of Finance, Budget and National Planning, it revealed that remittances from the diaspora are among the major sources of non-oil foreign exchange for the country.

Just recently, it was reported that in the first semester (1st semester) of the year 2022, Nigerians received the sum of $10.11 billion in remittances from the Diaspora between January and June, this which represents a 9.6% increase from the $9.23 billion received in the corresponding period of 2021.

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In contrast to the second half of 2021, Nigerian Diaspora remittances increased slightly by 0.9% to $10.02 billion. This is according to data obtained from the Central Bank of Nigeria (CBN).

During the period under review, a sum of $23.3 million was recorded as outflow from Nigeria, indicating a net inflow of $10.09 billion in the first half of 2022 against a net worth of $9. $.99 billion recorded in the second half of 2021 and $9.2 billion recorded in the corresponding period of 2021.

In contrast to the second half of 2021, Nigerian Diaspora remittances increased slightly by 0.9% to $10.02 billion. This is according to data obtained from the Central Bank of Nigeria (CBN).

During the period under review, a sum of $23.3 million was recorded as outflow from Nigeria, indicating a net inflow of $10.09 billion in the first half of 2022 against a net worth of $9. $.99 billion recorded in the second half of 2021 and $9.2 billion recorded in the corresponding period of 2021.

The World Bank had previously projected Nigerian diaspora remittances to grow by 7.1% in 2022, reflecting gains from the continued adoption of formal banking channels and the expectation that more Nigerians who have emigrated will send. probably more money at home to support families. in the face of the rising cost of living.

In a bid to forestall this trend, the Central Bank of Nigeria CBN in December 2020 introduced measures to encourage Nigerians in the Diaspora to send their funds through the banking system.

In one of its measures, the Central Bank introduced the Naira4Dollar scheme in February 2021 which offers recipients N5 naira remittances for every transfer dollar sent through the bank.

Among other things, the measures allow beneficiaries to have unhindered access and use of foreign currency products, either in foreign currency cash and/or in their domiciliary accounts.

The number of Nigerians in the Diaspora has grown astronomically over the past five years due to the myriad issues plaguing the country. In addition, the high unemployment rate (33% and youth unemployment at nearly 60%), the insecurity crisis and the relentless ASUU strike which has crippled the country’s education system, have all contributed to increasing migration of Nigerians to other parts of the world.

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