Trump’s victory: Nigeria may record fall in Diaspora remittances – Analyst

An Economic Analyst, Mr Ugochukwu Agu, has said there will be less foreign remittances from Nigerians living in the United States, following the victory of Republican Donald Trump in the U.S. elections.

notes-dollar

Agu said this in an interview in Abuja on Wednesday when reacting to the election of U.S. President-elect, Donald Trump.

[pro_ad_display_adzone id=”60438″]

He said that if this happened, it would have a lot of direct and indirect impact on the Nigerian economy.

The News Agency of Nigeria (NAN) reported that 21 billion dollars was sent home by Nigerians in Diaspora in 2015 with a large chunk coming from U.S., the Migration of Remittance Fact-book 2016 has shown.

Recently, the Central Bank of Nigeria (CBN) directed that Diaspora remittances through International Money Transfer Operators should be used to fund the Bureau de Change segment.

Also, the CBN directed commercial banks to sell 50,000 dollars Diaspora-related Forex on a weekly basis to nearly 3,000 BDC operators.

This is in acknowledgement of the role of BDCs in achieving exchange rate stability and making Forex available to the retail end of the market.

However, if these remittances stop coming, it may further destabilise the market.

According to Agu, foreign remittances are a key part of our national income and the emergence of Donald Trump as the president of the U.S. is likely to affect foreign remittances by Nigerians.

Advertisements

3 Comments

  1. We are all entitled to our own opinion. Why don’t we allow this guy be sworn in and let him do Wat he has to do. I don’t knw why pple are already speculating abt Wat trump is going to do.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.