Breaking Diaspora Remittances Monopoly

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Nobody saw the Coronavirus (COVID-19) pandemic coming. Business and political leaders that even knew when it started, underestimated its heavy impact on their businesses and economies. For Nigeria, the impact has been devastating, especially in the inflow of oil revenue and Diaspora remittances into the economy. The World Bank even estimates that Diaspora remittances into global economies will drop by 20 per cent this year and Nigeria, which earned $25 billion in 2019 from the remittances market needs to open up more channels to boost collections. The 2019 earnings for Nigeria was an eye opener to many people that migrant remittances is the backbone of the country’s foreign exchange inflows and should be protected.

But protecting the remittances market will require policy shift including breaking the current monopoly that limits funds receipts to only ‘few lucky’ players at the detriment of the economy. President, Association of Bureaux De Change Operators of Nigeria (ABCON)…



Source: Leadership Newspaper