CBN records $2.4 billion from diaspora remittances in H1, 2022

This was revealed by the Director, Trade and Exchange Department at CBN, Dr Ozoemena Nnaji, during the 33rd Seminar for Finance Correspondents and Business Editors which was held in Lagos on Saturday, August 27, 2022.

Nnaji praised the bank’s efforts in introducing intervention schemes which has, in turn, controlled the current weak indices which could have been much worse.

Nnaji further noted the bank’s successes in recording some financial wins with the RT200 project.

In 2020, a cash inflow of $2.9 billion was recorded and the amount has doubled this year, 2022 as the apex bank realised $2.4 billion in just the first half of the year.

This amount represents almost the entire amount recorded as diaspora remittances in 2020.

The RT200 (Road To $200 billion), is a policy formulated by the apex bank which aims to raise $200 billion in Foreign Exchange (FX) earnings from Non-Oil Proceeds over the next 3–5years.

The policy was conceived as an answer to the current unstable accruals in the Foreign Exchange (FX) Reserves which were noticed to fall from $39,650 billion in April to $38,540 billion in May 2022.

Speaking on the RT200 policy, Nnaji noted that, “the bank has recorded some successes in the first quarter of 2022 by payment of about N3.5 billion as rebates to exporters who repatriated their export proceeds and used the same proceeds to service the I&E window to lubricate the liquidity in the inter-bank market”

Nnaji further announced some successes recorded by the bank as they were a significant increase in the Naira for Dollar in terms of remittances.