For a while now, Nigerians in the diaspora have had to make remittances available to beneficiaries only in U.S. dollars – following a regulatory policy by the country's central bank in December 2020.
Now, beneficiaries of remittances from the diaspora have the power to select their preferred currency for receiving funds, instead of being restricted to the U.S. Dollar, thanks to a new directive that would ease the money remittance game.
Interestingly, Nigeria has one of the highest remittance inflows in the world, with a staggering $20 billion dollars remitted in 2022, as shown in the Techloy chart on our lead story this week.
Personally, I think that this move would create a multiplier effect on the country's economy and household consumption in the nearest future.
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