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Nigerians in Diaspora strive to shore up naira

Nigerians in Diaspora strive to shore up naira

If the current effort by Nigerians living outside the shores of the land is sustained, naira, the local currency may soon regain some lost grounds against major currencies.

Last year alone, Nigerians abroad sent $31.5 billion home and have upped the ante within the first half of this year ending June 20 with $21.6 billion so far wired into the economy.

To observers, there is still a strong sign that by the end of the year, cash remittances from abroad will double the figure of last year.

Nigeria is globally known as the largest receiver of remittances in sub-Saharan Africa, with Ghana and Liberia towing behind with a combined total of $44.8 billion recorded for the two countries last year.

A total of $56.3 billion was sent out of the US to other parts of the world last year, the second largest remittance-sending country is Saudi Arabia with $36.9 billion followed by Russia ($32.6 billion), Switzerland ($24.7 billion) and Germany ($20.8 billion).

Read also: Nigeria’s foreign reserve drops by 15% in 3 months

With concerns being expressed in many quarters over scarcity of foreign currencies, especially dollars, the present dispensation had opted to link the country’s economy with that of China, a move still receiving mixed reactions from some quarters.

Last week’s market transaction saw N292.90 officially exchanging for a dollar and unofficially exchanging for N356.50.

The all-time low price of oil in the international market , coupled with instability in the oil rich Niger Delta region have combined to pull the string off the plans of government to strengthen the currency.

But a renewed hope of sourcing foreign currencies is currently anchored on increase in volume of cash flow from Nigerians in diaspora in rest quarters of the year.

However, bank officials confirmed they have been having long queues on recipients of money-transfer transactions this year more than the previous years, both for official and unofficial remittances.

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Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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