The World Bank has revealed that remittances by Nigerians in the Diaspora declined by 27.7 per cent in the past year. In its report titled: ‘Defying predictions, remittance flows remain strong during COVID-19 crisis’ the World Bank revealed 40 per cent of the remittances contributed into Sub-Saharan Africa was done by Nigeria.
The report said remittances to Sub-Saharan Africa saw an estimated 12.5 per cent decline due to the decline in Nigerian remittances which makes the largest contribution in the region. Excluding flows to Nigeria, the remittances to Sub-Saharan Africa increased by 2.3 per cent.
While diaspora remittances stand as the second major source of foreign exchange for the country, Nigeria has been having foreign exchange crisis and this triggered the recent Naira for Dollar incentive by the CBN.
Differing exchange rates have pushed Nigerians in the diaspora to opt for alternative ways of remitting money into the country.