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CBN Seeks Legal, Regulatory Framework As Global Remittances Hits $613bn

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CBN Seeks Legal, Regulatory Framework as Global Remittances Hits $613bn
By editor - 2 hours ago

CBN Governor, Mr. Godwin Emefiele

By James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Tuesday hinted at current efforts to conduct a maiden remittance household survey as well as establish a remittance legal and regulatory framework for the country.

He said remittance statistics in the country gathered from both banking records and staff estimates of informal inflows had proved to be inadequate “as we think that a large chunk of migrants’ remittances pass through informal channels and are, thus, unrecorded”.

However, he said the survey and regulatory framework being sought will ultimately support improvements in the country’s remittance transactions and boost the quality of data as currently captured in its balance of payments.

Speaking at the opening of a workshop on remittance household surveys, which was jointly organised by the CBN and the African Institute for Remittances, Emefiele said: “Nigeria is yet to conduct a household-based remittances survey to provide scientific estimates of these inflows. In addition, data from banking records also come with some discrepancies due to classification challenges on the part of the reporting institutions.”

According to him, remittance inflows contribute substantially to foreign exchange earnings of developing countries including Nigeria and exceeds international aids and grants in some cases.

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