New policy on diaspora remittances will stop further Naira depreciation – The Central Bank of Nigeria (CBN) has continued to receive commendations for the reintroduction of the policy which allowed beneficiaries of diaspora remittances and foreign exchange transfers to collect their funds in designated foreign currencies.
Financial experts had blamed the fast depreciating value of the Naira, partly on the previous policy, which allowed commercial banks in Nigeria to convert such remittances to the local currency before paying to the beneficiaries.
Joining millions of Nigerians and corporate organisations to hail the new policy, are youth leaders in the various ethnic nationalities.
In a statement on Sunday, the groups observed: “a sharp rise in the value of the Naira” following the announcement of the new policy.
The jointly signed statement also expressed optimism that the new policy will halt the declining value of the naira caused by a shortage of foreign exchange in the country.
“The Naira recently reversed its depreciation trend in the parallel market, due to what observers attributed to the new rules introduced by the Central Bank of Nigeria”, the statement added.
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The groups hailed the CBN Governor, Godwin Emefiele for what they described as “his vision and boldness” in directing the policy and thereby reversing the downward slide of the Naira.
“The policy has boosted the economy and made it viable yet again. It has made prices of certain goods which are imported into the country cheaper hence having a spiral effect on several other products and the economy generally.
“The Council, therefore, restates its conviction that the Godwin Emefiele led Central Bank of Nigeria is capable of drawing the country out of its latest recession; described as its worst recession in several decades, in record time, having shown capacity and effectiveness to do so”, the groups said.
The statement was jointly signed by Godwin Meliga for Ethnic Youth Leaders Council of Nigeria; Ochiagha Uche Nnadi for Ohanaeze Youth Movement; Kabiru Yusuf for Arewa Consultative Youth Movement; Bassey Henshaw for Niger Delta Youth Council; and Isiaq Bello for Odua Youth Assembly.