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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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Diri Approves N200m Monthly Grant for Bayelsa Farmers, Targets Increased Local Rice Production

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Bayelsa State Governor, Senator Douye Diri, has approved a monthly support scheme of ?200 million for farmers in the state as part of efforts to boost food security and expand agricultural production.

The governor announced the approval on Tuesday at the flag-off ceremony of the 2026 dry season farming programme held at the state-owned rice farm in Otuasega community, Ogbia Local Government Area.

Expressing dissatisfaction with the volume of rice harvested during the last farming season, Governor Diri directed the Commissioner for Agriculture and Natural Resources to ensure a significant increase in the production of homegrown rice in Bayelsa State by the end of 2026.

He stressed that despite the government’s provision of necessary support to the ministry and farmers, it was unacceptable that the state still had to procure rice from outside during the last Yuletide period.

The governor charged the Ministry of Agriculture to take food security seriously, noting that Bayelsa has a comparative advantage in several crop areas, with fertile soil that does not require fertiliser to produce organic crops.

While commending the Commissioner for Agriculture and other stakeholders for organising the event, Governor Diri urged the ministry to ensure that such initiatives go beyond yearly ceremonies and translate into tangible benefits for the people.

According to him, agriculture remains a key pillar of the state’s economic diversification drive, which his administration has prioritised through heavy investments. He also called on civil servants and residents to embrace agriculture as a way of life.

“Let it not be that we come here for a yearly ritual. This is something that affects us as a people and so we must all take it seriously. Food security will continue to be a top priority of my administration,” he said.

He added that agriculture strengthens the economy and highlighted the importance of transportation infrastructure in moving farm produce from rural communities to the state capital.

“We are investing in agriculture and connecting communities. The roads and bridges support agriculture. We have developed partnerships and collaborations and will continue to partner with other agencies to ensure Bayelsa attains the expected food security,” the governor stated.

Governor Diri further directed that by the end of 2026, the state should record a minimum production of 300,000 kilogrammes of rice, stressing that government would patronise local farmers rather than sourcing rice from outside the state.

On security concerns, he reiterated that the state’s anti-grazing law remains in force, warning herdsmen against destroying farmlands and urging farmers to report such incidents to security agencies instead of resorting to social media.

He also cautioned traditional rulers against allocating land in forest areas to herdsmen, warning that anyone found culpable would be sanctioned.

“For our farmers, we will always support you. Honourable Commissioner, identify the genuine farmers in the state. What we did for MSMEs will also be done for farmers. Henceforth, ?200 million will be set aside monthly to support farmers in Bayelsa State,” he added.

In his remarks, the Commissioner for Agriculture and Natural Resources, Prof. Beke Sese, described the event as a reaffirmation of the state government’s unwavering commitment to food security.

He commended Governor Diri for his substantial investment in the agricultural sector, noting that it has been the driving force behind the progress recorded so far.

Representatives of the All Farmers Association of Nigeria (AFAN), Bayelsa State chapter, Nigerian Women in Agriculture Business, the Nigeria Agricultural Insurance Corporation and the Central Bank of Nigeria, among others, also lauded the governor’s sustained support for farmers, which they said has significantly improved the agricultural sector in the state.

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Fanfare, Pageantry As Ohiauga Community Honours 31 Eminent Personalities with Maiden Leadership Awards

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Ohiauga Community in Igburu Clan, Ogba/Egbema/Ndoni Local Government Area of Rivers State, on Saturday, December 27, 2025, witnessed an unprecedented spectacle of celebrations, fanfare and cultural splendour as it honoured 31 distinguished personalities for their outstanding leadership qualities, selfless service and immense contributions to the growth and development of the community.

The historic event, which took place at the Ohiauga Community Town Hall, marked the maiden edition of the Ohiauga Leadership Awards and saw 27 illustrious sons and daughters of the community, alongside four non-indigenes, decorated with various honours in recognition of their unwavering commitment to the socio-economic, political and infrastructural advancement of the area.

From the early hours of the day, the once serene and seemingly sleepy community was transformed into a beehive of activities. The atmosphere was electrified with excitement as the sound of music echoed from different corners of the community. Everywhere was colourful, lively and festive, as men, women, youths and children, young and old, trooped out in large numbers, beautifully adorned in elegant traditional and modern attires.

The favourable weather further added glamour and grace to the occasion, enhancing the beauty and splendour of the event, as the people, stakeholders and visitors savoured every moment of the celebration.

Adding royal splendour to the colourful ceremony was the presence of the Eze of Igburu Clan, Eze Igburu IV of Igburu Land, His Majesty Eze Kenneth Nwabochi, who arrived at the venue in full royal regalia, accompanied by his retinue of chiefs, elders and other palace officials. His presence was a clear testament to the significance of the occasion and underscored the unity and collective resolve of the people to celebrate excellence and service.

One after the other, the award recipients stepped forward amid thunderous applause, cheers and admiration from the audience. These were men and women whose years of dedication, sacrifice and contributions have helped place Ohiauga Community on the map in terms of political relevance, socio-economic growth and self-help-driven development.

Indeed, Ohiauga Community today boasts of notable achievements credited largely to community-based initiatives, including a relatively good road network, stable and uninterrupted electricity supply powered through solar infrastructure, and other basic amenities that have improved the quality of life of its people. The honoured individuals, it was observed, have played significant roles in achieving these milestones, leaving their unmistakable footprints on the community’s development journey.

By honouring them, the community made it clear that the awards were not meant to signal retirement from service, but rather to encourage the recipients to intensify their efforts and continue to give back to their fatherland. Community leaders noted that although progress has been recorded, Ohiauga still faces serious developmental challenges that require sustained commitment and collective action.

Prominent among these challenges is the absence of a functional healthcare facility. The only cottage hospital project in the community, allegedly initiated by Total Energies Limited several years ago, was said to have been abandoned, leaving residents without adequate medical care. The community strongly appealed to the Rivers State Government to intervene and revive the project in the interest of the people.

The education sector was also not spared. The Ohiauga Community Primary School, according to the community, is allegedly in good shape, with a conducive learning environment, but lacks enough classroom teachers, as there is only one government-employed classroom teacher. To fill the void, the community reportedly employed five additional teachers from its meagre resources and currently bears the responsibility of paying their salaries.

These realities, stakeholders explained, provided further justification for the decision to celebrate and honour individuals who have consistently demonstrated commitment to the welfare and development of the community.

Speaking at the ceremony, Chairman of the Organising Committee of the Ohiauga Maiden Leadership Awards, Pastor (Dr) David Chizor Nwaoburu, described the event as a strategic initiative aimed at fostering peace, unity and development, while recognising and rewarding excellence and service.

According to him, the award ceremony was designed to honour eminent personalities who have distinguished themselves in public and private life, and who have continued to make meaningful contributions to the growth of Ohiauga Community.

Dr Nwaoburu, who was himself among the award recipients, said the recognition was intended to motivate the honourees to do more for the community and not to rest on their achievements. He urged them to continue to serve the interests of the people wherever they find themselves and to remain ambassadors of peace and development.

He further reiterated the need for government intervention in the abandoned cottage hospital project and the posting of teachers to the primary school by the state government, stressing that community development in Ohiauga has largely been driven by self-help efforts.

Among those honoured at the event were Pastor (Dr) David Chizor Nwaoburu; former Bursar of Ignatius Ajuru University of Education, Dr Davis Ojima; the Registrar of the institution, Dr Chinonye A. Ajie; Dr Obi Chukwuma Ebenezer Jular; Elder Kemmer Mark Godwin; Dr Nwokoji Chukwuemeka; Mr Nduka Louis Odiegba; Dr (Chief) (Mrs) Ojima; Comrade Chimezie Igwela; Engr Gideon Eke; Chief (Prof) H. A. Ajie; Hon. Sule Igwela; and Dr Obi Nwaoburu.

Others included Prof. (Mrs) Jennifer Igwela; Dr Charity Ajie; Eric David Orukwo; the Paramount Ruler of Ohiauga Community, HRH Dr Amb. Bright Abali; Mr Chukwudi Lloyd Reuben; Comrade Wisdom Adieme; and the member representing ONELGA Constituency I in the Rivers State House of Assembly, Hon. Uchenna Nwabochi.

Also recognised were Comrade Kelvin London Oji; Pastor Smart Brass Maduagu; Chief (Hon.) K. O. Igwela; Harmony Igwela; Comrade Onyemaobi Igwela; and Late Elder Nwaba Maduagu, who received a posthumous award in recognition of his lifetime contributions to the community.

The four non-indigenes honoured for their dedicated services and goodwill towards the community were Hon. Marculey Ogolo; Hon. ThankGod Chibor; Comrade Kingsley Ogu; and Pastor G. Oreke, who was specially recognised as the only dedicated government classroom teacher at Ohiauga Community Primary School.

Reacting to the honour, the Registrar of Ignatius Ajuru University of Education, Dr Chinonye A. Ajie, described the award as a step in the right direction and a thoughtful gesture that encourages service and excellence. He called for harmonious relationships among all segments of the community and pledged his continued support towards education, job creation and collective development.

Former Bursar of the university, Dr Davis Ojima, also expressed gratitude to the community for recognising his contributions, assuring that he would remain committed to promoting peace, unity and sustainable development initiatives in Ohiauga.

Business mogul, Mr Nduka Louis Odiegba, said being honoured by one’s own community carries special significance, describing the recognition as the most cherished among the many awards he has received. He pledged to intensify his contributions to the welfare and development of the people, noting that “charity must begin at home.”

In his royal remarks, the Eze of Igburu Clan, His Majesty Eze Kenneth Nwabochi, emphasised the importance of peace, unity and the preservation of cultural values, describing the maiden Ohiauga Leadership Awards as a timely initiative aimed at strengthening communal bonds and fostering collective progress.

Giving the vote of thanks on behalf of the awardees, Mr Chukwudi Lloyd Reuben, thanked the community for finding them worthy of recognition, and commended the leadership and merit award committee for the excellent packaging of the programme. He urged the awardees to continue with their good work to the community, as the merit awards were a clarion call for more community development involvement and a wake up call for others to emulate the leadership qualities exhibited by the awardees.

Overall, the maiden Ohiauga Leadership Awards ceremony lived up to its billing, serving not only as a platform to celebrate excellence and service but also as a rallying point for renewed commitment to the development of the community, amid resounding jubilation, merriment and cultural pride.

 

By: Donatus Ebi

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Bayelsa Agriculture Commissioner Vows to Protect State Assets Amid Protest Over School-to-Land Fencing

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The Bayelsa State Commissioner for Agriculture and Natural Resources, Prof. Beke Sese, has reiterated the commitment of his ministry to protect all agricultural assets belonging to the state government, despite protests by some property owners over ongoing perimeter fencing works at the School-to-Land Authority.

The Commissioner made this known on Wednesday during a fact-finding visit to the ministry following a recent protest by residents and developers within the School-to-Land Authority axis of Biogbolo II, Yenagoa, the state capital.

Trouble reportedly began when the ministry commenced perimeter fencing of about 16 hectares of land said to belong to the School-to-Land Authority, amid allegations that private individuals had encroached on government-owned land.

Prof. Sese explained that the decision to fence the land was informed by repeated cases of criminal invasion and vandalism of government facilities in the area, leading to the loss of public assets.

He clarified that the Ministry of Agriculture and Natural Resources has no mandate to demolish buildings or illegal structures, stressing that the directive given to contractors was strictly to fence government-owned land and nothing more.

“It is not the mandate of the Ministry of Agriculture and Natural Resources to demolish any building or illegal structure within the School-to-Land Authority. Our responsibility is to train farmers and support agricultural activities of the Bayelsa State Government,” he said.

According to the Commissioner, the School-to-Land Authority covers about 19 hectares of land, a significant portion of which, based on available documentation, has been encroached upon by developers.

“We need adequate land to train our farmers. We plan to establish poultry facilities, expand rice farming and boost food production for Bayelsa State, to the extent that other states can come here to buy our produce,” he added.

While acknowledging the right of citizens to protest, Prof. Sese warned that protesters must not harass or harm contractors and workers carrying out the fencing project.

“People have the right to protest, but on no account should any protester touch or harm the contractors and workers simply because they feel their houses may be affected by the fencing,” he cautioned.

He disclosed that representatives of some protesting property owners had earlier engaged with the ministry, where officials presented documents showing that the affected individuals had encroached on government land.

He further noted that the fencing project was duly approved by the state governor following the submission of a memo by the ministry.

“As it stands, the only person who can stop this project is the Governor himself,” the Commissioner said.

 

 

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