Following the growing pressure on the naira last year, the apex bank retooled the regulatory framework with a focus on “improving remittance inflows into Nigeria”. “Central Bank of Nigeria rules mean that payments can only arrive with recipients in USD. xThe banks have been consistently accused of feasting on the remittance businesses at the expense of the beneficiaries and market growth. And while the CBN battles the IMTOs over non-compliance, some of the intermediary banks have not stopped their old tricks. Already, the World Bank has estimated that global diaspora remittances would plunge by an average of 14 per cent this year.

Source: The Guardian January 25, 2021 04:30 UTC