Godwin Emefiele Archives - Inside Business Africa

Apr212021 by Joshua OlotuNo Comments

AfCFTA To Give Nigerian Firms Access To $666.17bn Market — Emefiele

Business

Godwin Emefiele, governor, Central Bank of Nigeria (CBN), said on Tuesday that full implementation of African Continental Free Trade Agreement (AfCFTA) is expected to give Nigerian firms preferential access to markets in Africa worth $504.17 billion in goods and $162 billion in services. He said AfCFTA has the potential of offering significant opportunities for the Nigerian private sector to expand into new markets and seek new export opportunities, particularly in the area of manufacturing, ICT, agriculture and financial services, given Nigeria’s growing advantage in these areas relative to counterparts in other parts of Africa. Emefiele disclosed this at Zenith Bank’s 2021 Export Seminar which was held virtually on Tuesday. “I believe that we should seize this op...

As CBN battles non-conformist diaspora remittance market

Finance

Despite efforts by the Central Bank of Nigeria (CBN) to stimulate activities in the formal channels of diaspora remittances, the window has continued to battle with its historical challenges, including rising competition with informal windows, poor regulatory compliance by the international money transfer operators (IMTOs), high charges and underhand dealing of agent banks. 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”. In a meeting with IMTOs and money deposit banks (MDBs), the CBN Governor, Godwin Emefiele, stressed: “Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency through the d...

CBN expects $2bn diaspora remittances monthly, says Emefiele

Finance

The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday, said the target of the CBN is for the country to attract about $2bn monthly as remittances from citizens in diaspora. Emefiele’s position is coming after the apex bank introduced its new Diaspora Foreign Exchange Remittances Policy. The CBN boss told journalists during a press briefing on the new policy in Abuja that countries that had similar demographic features with Nigeria, such as Pakistan, often received about $2bn monthly from their citizens in diaspora. He said, “I’m aware from the data available that, for instance, Pakistan, even in the midst of COVID-19 receives $2bn monthly from flows from Pakistani in diaspora. “If Nigeria is able to receive even if it is just $1bn monthly or moving close to ...