Economy

Diaspora remittance: Bureau de change operators want involvement in outward transfer

Published

on

News

to December 2019.

At the hearing, the Director, Trade and Exchange, CBN, Ms Ozemena Nnaji, told the committees that contrary to the World Bank’s reports saying Nigeria received 25 million dollars Diaspora remittances in 2019, the CBN received only 10 million dollars from 2016 to 2019.

Gwadabe said: “In order for us not to have conflicting issues bothering on statistics of even the monies that are coming into this country, and to close the gap and correct the differences, this is where the CBN should continue to use BDCs to liberalise the policy.

“BDCs should not be restricted to the physical cash aspect of that money, they should  be involved in outward funds transfer,  especially in terms of customs payment and school fees, etc.”

The ABCON president said that the association which had over 4,000 registered members, had improved its business model.

He said that the improved business model would enhance transparency, adding that operators were already leveraging on it to track operations.

“Our association has come up with automation which the over 4,000 members are registered on the platform.

” We have integrated their operations, and in fact, they are even rendering their returns to CBN through that automation.

“This is a signal that we have leveraged on information technology, and our business model have also changed,” he said.

Edited By: Ijeoma Popoola

Short Link: https://wp.me/pcj2iU-31JD

Lydia Ngwakwe

Lydia Ngwakwe: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Coronavirus – Eritrea: Announcement from the Ministry of Health (May 11, 2021) Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 11, 2021) Eid-el-Fitr: NSCDC deploys 700 personnel in C/River Coronavirus – Nigeria: COVID-19 case update (May 11, 2021) NEITI, EFCC, others set to enforce transparency in extractive industry FIFA and Qatar invite MAs to discuss human rights with international experts ahead of FIFA World Cup Pozzovivo tests his legs after Campenaerts’ breakaway in the 4th stage of the Giro d’Italia Coronavirus – Rwanda: COVID-19 update (May 11, 2021) Eid-el-Fitr: Gov. Bello urges Nigerians to keep faith with government The Significance And Lessons From Ramadan Coronavirus – Eswatini: COVID-19 daily update (May 11, 2021) Coronavirus – South Africa: COVID-19 Statistics in South Africa (May 11, 2021) Netflix acquires Mekwunye’s film “One Lagos Night” Coronavirus – Kenya: COVID-19 update (May 11, 2021) UK seeks tariff exemption on solar equipment The newest TECNO CAMON 17 Pro has raised the bar for selfie smartphones, allowing users to express themselves creatively in their own way “About a Boy” the winner of the Nollywoodweek Film Festival 2021 Energy Capital & Power Confirms High Level Sponsors for South Sudan Oil & Power 2021 Event APC Edo felicitates with Muslims on Eid-el Fitri Eid el-Fitr: A time to renew Nigeria’s pact with destiny – PDP Southern Senators’ Forum lauds governors on security steps Kogi registers indigent households impacted by COVID-19 Police arrest 4 suspected cattle rustlers with 208 animals Osinbajo arrives in Kampala for Museveni’s inauguration Adamawa leads as Nigeria records 47 new COVID-19 cases Nollywood veteran, Genevieve Nnaji, stars in new audio play “Fela Ten Twenty” Eid-el-Fitri: Makinde congratulates Muslim faithful Eid-El Fitr: Police deploy 2,161 personnel in Plateau. INEC partner stakeholders to site new polling units in Enugu Buhari mourns ex minister, Mama Taraba FG proposes 65 yrs retirement age for doctors, health workers Anambra 2021: Sen. Okadigbo drums support for APC’s Andy Uba Insecurity : We will not relent in fight against criminality – Police Manchester City win 2020/21 EPL title Osinbajo to represent Nigeria at Ugandan presidential inauguration Osinbajo lauds SecureID for pioneering smart card manufacturing in Nigeria NDLEA confirms attack on its Ohafia office in Abia Tension in Edo PDP over dissolution of State, LGA party executives Sultan declares Thursday as 1st day of Shawwal Southern Governors’ Forum urges FG to convoke national dialogue Eid-el-Fitr: Gbajabiamila enjoins Muslims to pray for Nigeria AfDB to invest $3bn in Africa’s pharmaceutical industry 4 arrested for alleged forgery, sabotage in Edo Dare visits Olympics-bound athletes in camp South Sudan in worst food crisis as humanitarian aid dwindles FG not overwhelmed by insecurity – Lai Mohammed Buhari approves new security measures to tackle insecurity in S/East, S/South Traditional ruler canvasses for removal of mining from Exclusive list CIBN seeks synergy for economic development LASUTH makes stride in microvascular tissue transfer