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CBN Introduces N5 Rebate On Every $1 Remittance, Today

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The Central Bank of Nigeria (CBN) has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Organisations in its new forex policy.

The Central Bank Governor, Godwin Emefiele, disclosed this, last Saturday, during a virtual event organised by Fidelity Bank at its inaugural webinar on the impact of the new forex policy on Diaspora investments.

Emefiele said that this new policy takes effect, today.

He said, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank of Nigeria.

“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the Diaspora. This new policy is expected to take effect on the 8th of March, 2021.”

According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster, and more convenient ways for remitters to send funds to beneficiaries.

The CBN governor said that reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.

In general, he said, the new policy was expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves.

More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.

Emefiele said, “Yet, the introduction of the new policy presented new challenges as operators and remittance service providers were initially unable to integrate with the commercial banks.

“The CBN continues to work assiduously to resolve the few intermittent interface challenges that are remaining.”

He said that it was brokering meetings between the IMTOs and banks in order to ensure that they have a smooth transition and the Diaspora community has a more convenient way to remit funds to Nigeria.

According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster and more convenient ways for remitters to send funds to beneficiaries.

He added, “Today, the World Bank data shows that Nigeria, with a total flow of $21billion, was the seventh largest recipient of remittances in 2019.

“This is behind India, China, and even Egypt. Though official remittance flows declined in 2020 due largely to the undermining impact of the Covid-19 pandemic, it maintained its dominance over FDI inflows.”

Emefiele had earlier disclosed that remittances improved from a weekly average of about $5million to over $30million per week through its forex initiatives.

The CBN governor said reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.

More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.

However, it has been argued that the ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89billion by 2023.

Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89billion by 2023 if the policies were right.

PwC, in the forecast, noted that the growth in remittances was subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.

The forecast revealed that as of 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.

It added, “Several countries across the globe, including Nigeria, have developed plans towards attracting investment from their Diaspora community for national development. Essentially, the extent to which the Diaspora contributes to the developmental affairs of a country will be determined largely by trust.

“In summary, what is required is a coherent policy framework to harness remittances into generating capital for productive investments for the growth and development of small and micro-enterprises, which will in turn, create employment. In addition, remittances can be deployed toward philanthropic activities, which can serve as solutions for specific deficiencies in the local infrastructure such as schools, hospitals and roads.”

Nigeria’s Diaspora remittance in 2019 was put at $21billion by the World Bank.

Even though the forecast showed that the remittance would have risen to $27.66billion in 2020, experts believe the projection couldn’t have been met due to the impact of the Covid-19 pandemic.

Reacting, a former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said this latest move would encourage people to patronise government licensed money transfer operators as opposed to the agents that could not be easily monitored.

It would also ensure that more forex was remitted into the country, he noted.

A Professor of Economics at the Olabisi Onabanjo University, Sheriffdeen Tella, said, “It won’t have any major impact on Diaspora remittances.

“The first thing is that the amount (N5) is too small to attract those living abroad to start sending money home. Don’t forget that these people also have their plans.

“Secondly, it may not be able to save the naira from the current slide. The reason is that production is picking up now and most of production needs foreign inputs. So, people will spend dollars to do more imports. Also, we have not been able tackle illicit financial flows.”

Similarly, the Chairman of Foundation for Economic Research and Training, Prof Akpan Ekpo, said the new scheme introduced by the CBN was aimed at tackling dollar scarcity in the country by encouraging the inflow of the greenback.

Ekpo, a former director-general of the West African Institute for Financial and Economic Management, said, “I think it is just to encourage the inflow of dollars so that they can reduce the amount of naira needed to buy the dollar. Now, the naira has depreciated officially to 410/$1; it is about 480/$1 in the black market. That gap is still wide; so, the CBN is trying to narrow the gap.

“The only way we can boost forex supply is to diversify the economy – build a complex industrial economy where we earn forex outside of oil. That is the only way we can boost forex supply, not the way we are going.”

But he said while the impact of the CBN policy on the Nigerian economy would be marginal, it would not save the naira from sliding down further.

Ekpo explained, “That is the idea – to see whether they can stop the depreciation. Whether that will happen, I don’t think that will happen in the short term. The impact on the economy will be very marginal. The idea is that they want to bring in more dollars because if you stabilise the exchange rate, you will restore confidence in the economy and hopefully, if you restore confidence, you might encourage an inflow of foreign direct investment. That’s the whole idea.”

He said, “We don’t know (whether the new policy will increase Diaspora remittance); let’s see what happens before six months because the only way you can increase dollar supply is for the country to produce and export non-oil (commodities), not just crude oil only. If it’s crude oil alone, we are earning a lot of revenue from oil, but still we have a problem with the dollar.

“So, the only way is to be an economy that produces and exports non-oil to earn foreign currency, meaning that the economy has to be diversified to do that.”

An economist and Senior Lecturer, Lagos Business School, Dr Bongo Adi, applauded the policy, noting that it could leapfrog the economy.

He said this was part of the innovations and proactive incentives that was expected from the bank and cited India as an example of a country that leveraged Diaspora remittances to transform her economy and escape the poverty trap.

The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said the ‘CBN Naira 4 Dollar Scheme’ would increase the annual Diaspora remittance and save the naira from its current slide.

He, however, added that the apex bank should allow exporters free access to their export proceeds.

Also, a businessman, Mr Jimoh Ibrahim, described the policy as one that had the capacity to boost the value of naira against the dollar, given that there would be an increase in remittances from the Diaspora.

He however pointed out that there should be other ways of encouraging Nigerians abroad to remit forex, noting that the N5 incentive could only be significant when the volume is high.

Also, the Director-General, the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture, Ambassador Ayo Olukanni, said the CBN must have taken the decision to harness the huge potential of foreign remittances.

He said if well implemented, the policy might boost foreign exchange and reduce the pressure on naira.

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HYPREP Reaffirms Support For Ogoni Youths …Organises Workshop For Undergraduates

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In pursuit of its strategic human capacity development initiatives, the Hydrocarbon Pollution Remediation Project (HYPREP) has restated its commitment to supporting Ogoni youths to maximally benefit from its projects and programmes that align with their visions and aspirations.

The Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who gave this indication during the second edition of the international career enhancement and employability workshop organised by the Project for undergraduates and fresh graduates of Ogoni ethnic nationality in Port Harcourt, assured the participants of its commitment to continually initiate programmes that support their visions and aspirations.

He noted that the workshop reaffirms the Project’s commitment to inclusiveness and continuous skills development, as strategic pillars in its efforts to restore and improve livelihoods in Ogoniland.

He said the workshop was aimed at equipping the Ogoni youths with relevant career skills and empower them with employability tools, to ensure that HYPREP’s gains extend beyond remediation into long-term transformations, stressing that the Project is committed to supporting their dreams.

”HYPREP is committed to supporting your dreams through targeted initiatives, such as this workshop and we will explore ways to empower you with the skills and knowledge necessary to succeed.
I want to emphasise that this workshop is not just about enhancing your career prospects; it is also about building a community of young people and equipping you to make a positive impact in your communities. As you benefit from HYPREP’s interventions (and the experiences of the facilitator), I challenge you to take the message of peace and constructive engagement to your communities and live accordingly,” he said.

Zabbey further assured that HYPREP would continue to stand with Ogoni youths by supporting their aspirations through targeted workshops and broader livelihood initiatives that prioritise their development, noting that the Project believes in them and remains committed to creating platforms where their potential can be nurtured and realised.

The Project Coordinator enjoined them to continue to contribute to the success of HYPREP.

The second edition of the career enhancement and employability workshop had Dr Akanimo Odon and Dr Chioma Okonkwo as facilitators, while the participants were drawn from the four Ogoni local government areas.

Among other modules, participants at the two-day workshop were provided with tips on ways to explore opportunities in seemingly challenging situations, discover themselves, convert hobbies and interests into passion and profits through three career e-routes and understand the power of networks and partnerships.

Participants were also given useful nuggets, career resources of time and skills, and career resources of funding, especially how to access foreign scholarships and funding.

At the closing, HYPREP’s Director of Technical Services, Prof Damian-Paul Aguiyi, urged the participants to earnestly pursue their passions and commit to their dreams.

Meanwhile, the participants expressed gratitude to HYPREP for organising the workshop, which they described as impactful and transformative.

HYPREP has continued to be intentional in its efforts to prioritise human capacity development in Ogoni through such workshops and trainings. This year, the Project will be rolling out trainings in high demand skill areas like mechatronics, underwater welding, commercial diving, full-stack development and GIS, targeting the youths as major beneficiaries and giving them a fair head start and comparative advantage in a highly competitive environment.

 

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NIPR Practitioners Urge To Go Beyond Traditional Media Relations To Strategic Leadership Functions

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The Public Relations practitioners across Nigeria have been charged to go beyond the perceived roles of media relations and protocol services to strategic leadership functions that is crucial to shaping and transforming the nation.

 

In his message at this year’s (2025) World Public Relations Day, with the Theme: ” Building Bridges, Navigating Polarisation” In Port Harcourt, The National President of the Nigeria Institution of Public Relations Dr. Ike Neliaku expressed delight to address members and guests on this special day, pointing out that the day offers a an opportunity to reflect on the journey over six decades since Public Relations formally birthed in Nigeria.

 

He maintained that this year’s world Public Relations day gives opportunity to members to reflect on the actions and inactions towards the development of the profession and to boldly develop new frontiers for a greater institution.

 

The NIPR president explained that the values of Public Relations particularly in areas of fostering relationship, strengthening leadership and advancing good governance remain a key -through effective and goal- oriented communication.

 

Earlier, The Vice Chancellor of Rivers State University, (RSU) Prof. Isaac zep-Obipi being represented by the Deputy VC admin Prof. Victor Akujuru throw challenge to NIPR members to rebranding and portray the state in good light, standing that RSU remains a state owned institution that have not witness any strike in the passed fifteen years.

 

Also in his speech, the state chairman NIPR Rivers Chapter Rev. Francis Asuk described world Public Relations day as a day set aside to pay attention to the works of public relations globally indeed that relationship is important that the world is crying about in rebuilding relationship due to the collapsed of the value systems at family, society and world level of human existence.

” At the highest level of human existence relationship has become imperative for all practitioners to come together and build bridges to navigates those Polarisation” he said.

 

In a related development,the keynote speaker Rev (Fr.) Prof. Walter C.Ihejirika, said the media has a lot to do especially on its role of enlightenment to the public about the role and function as a key element in the development of a better society.

 

Prof. Ihejirika who is the Dean faculty of Communication and Media Studies , University of Port Harcourt, stressed that when media practitioners navigate on the area of strategic communications with a goal, then the public will be better informed and know that they have a responsibility for the large society, “because if the large society is not good, the organization cannot function effectively.”

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Alumni, Others Launch Campus Care Initiative In Port Harcourt

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The Madonna University Alumni Association Rivers State Chapter in partnership with Rotary Club of Rumuomasi, Port Harcourt Downtown and Nigerian Immigration Service have launched Campus Care Initiative at the Captain Elechi Amadi Polytechnic Rumuola Port Harcourt.

 

Speaking with newsmen on Wednesday in the inaugural edition of the Campus Care Initiative, at Captain Elechi Amadi Polytechnic the Chairman of Madonna University Alumni Association Rivers State Chapter (MUAARIV) Dr Iheanyichukwu Wopara said that the program is aim to empowered the youth of Nigerians and also to give them the right direction in life.

 

He said that Campus Care Initiative is a testament to the association commitment to giving back to the society and empowering the next generation of leaders.

 

According to him the program is designed it demands across all sectors, physical health, mental health, sexual health and even the environment adding that the fucos of the Association is to give back to the society the best way they can.

 

” We have been carrying out different humanitarian activities and outreach which includes medical outreach and the girl child campaign.

 

” We gave academic support to three students and also three international passports, free medical outreach, pad to girl child/ condoms for the boy child and there is also introduction to ICTC training that will commence soon in the campus.

 

” What inform us to empowered the youth we understand that when you get the youth you have getting the society.

 

“We came together and says let empowered the youth in our little way knowing that government can not do anything.

 

” Captain Elechi Amadi Polytechnic was a divine choice for the program because we have a lot of University including the Madonna University to carry out the program” Dr Wopara said.

 

He thank the Rector of the institution Dr Moses S. Neebee, management and students of the school saying that the were expecting like 200 students but over 600 students were in attendance.

 

” So for us we have achieved our aim for the program and we are happy.

 

” First the institution management and of course our sponsor Hon Goodluck Ndala that gave us some good support for the program ” he said.

 

Meanwhile the Rector of institution Dr Moses S. Neebee expressed joy for the program thanking Madonna University Alumni Association and partners for bringing the program to their institution.

 

Dr Neebee who was represented by the Duputy Rector Academic Dr Alapuye G. Eleki said that one thing about Alumni Association is to encourage the young ones, coming behind to impact positive value in them.

 

” So if we have a lot of Alumni like the Madonna University I think it is good because is going to help the society and beyond.

 

” The program is quite encouraging taking of health, education scholarship and all that involve we are happy for it” Dr Moses said.

 

Also speaking the Student Union Government President Comd Henry Chijioke expressed happiness for the program saying that the lecture in course of the program as impacted a lot on the students.

 

“The scholarship and the international passport is a very big boost to the students.

 

” I appreciate Madonna Alumni and partners for dimming it fit to organize the program in our institution” Comd Chijioke said.

 

Earlier one of the scholarships beneficiary Taabere James of Science Laboratory Technology ND 11 said he feel very honored for the scholarship adding that he was thinking how to clear some of his fees in the school but with the support of Madonna University Alumni Association and partners he is going to clear his outstanding fees.

 

Key highlights of the initiative include

Scholarship award, free international Passports, medical outreach, girl child support – sanitary pad were distributed to female students while male students received condoms.

Kiadum Edookor

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