As part of the measures to ensure compliance with the new rules on diaspora remittances, the Central Bank of Nigeria on Friday directed the Deposit Money Banks to close naira accounts of International Money Transfer Operators. The new directive was contained in a circular tilted ‘Receipt of diaspora remittances: Additional …
Read More »Diaspora Remittances to Sub-Saharan Africa’ll Drop to $44bn in 2020
Remittances to sub-Saharan Africa are forecasted to drop to $44 billion this year, down 9% compared to 2019. This prediction by the World Bank is attributed to the pandemic currently hitting global economic activity. This situation could, according to the World Bank, exacerbate food insecurity and poverty in this part of …
Read More »Diaspora Remittances to Africa Could Drop by US$18bn in 2020–Report
Diaspora remittances to the African continent could drop by 21% in 2020 compared to 2019. This is according to the “Preserving remittances in the era of covid-19” report published last week by the anti-poverty organization ONE and the United Nations Economic Commission for Africa (ECA) This represents an anticipated decline …
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