Implications and impact of the new FX policy on diaspora investments

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Cryptocurrency: We acted in Nigerians’ best interest ― Emefiele
CBN Governor, Mr Godwin Emefiele

By Godwin Emefiele

I would like to thank the organisers for identifying a very topical theme. As we are all aware remittances from Nigerians living abroad has had a significant benefit on domestic income, social welfare and economic growth in Nigeria. Given the depth of skills that Nigerians in the diaspora possess, an effective engagement, with them is vital towards maximising the gains that they could make in supporting further investment and growth in Nigeria.

Our diaspora community given their ties to Nigeria have a vital interest in supporting the improved welfare of Nigerians at home. In addition, remittances are less volatile when compared to other forms of foreign investment, such as foreign portfolio investment, which could be prone to sudden reversals, and are influenced by external factors, such as changes in monetary policy by advanced countries.

Following the onset of the COVID-19 pandemic in 2020, emerging market countries witnessed…



Source: Vanguard Newspaper