So, the regulator bank has come up with a brand new policy.

Beginning today, March 8, 2021, if you send money in dollars to Nigeria, you get N5 for every dollar sent, for your troubles.

"In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the CBN has introduced a rebate of N5 for every $1 of funds remitted to Nigeria, through IMTOs (international money transfer operators) licensed by the CBN.

"The scheme will take effect on the 8th of March 2021.

"We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora," the apex bank says in a statement.

Well, because diaspora remittances contribute significantly to Nigeria's GDP (Gross Domestic Product).

Let's just say, they help a Nigerian economy hard-hit by dwindling oil revenues, the coronavirus pandemic, a weak domestic currency and just about everything else.

PricewaterhouseCoopers (PwC) estimates that diaspora inflow to Nigeria amounted to US$23.63 billion (2017: US$22 billion) in 2018, and represented 6.1% of Nigeria's GDP.

The 2018 migrant remittances translates to 83% of the federal government budget in 2018 and 11 times the FDI (Foreign Direct Investment) flows in the same period.

The CBN notes that "Nigeria’s remittance flows could reach US$34.89 billion by 2023. But this can only be accomplished if remittance infrastructure improves and if the right policies are put in place."

So, this is essentially the CBN telling Nigerians abroad to keep sending in the dollars to boost the Nigerian economy and bolster GDP because it intends to improve remittance infrastructure back home.

The CBN hopes that with its N5 for $1 policy, diaspora inflows will increase, folks back home will be happier, the chaps abroad will be elated and everybody will benefit at the end of the day.

Yeah, that's what's up.

But if Nigerians abroad are contributing this much to the Nigerian economy, why aren't they allowed to vote? To choose their leaders back home? I guess this is subject matter for another day.