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



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

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Lydia Ngwakwe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists 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 they strive diligently to ascertain the truth in every news report. Contact: editor[at]

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April 2020