Nation
CBN Introduces N5 Rebate On Every $1 Remittance, Today
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.
The Hydrocarbon Pollution Remediation Project(HYPREP) has inducted and given orientation to 100 Ogoni youths for training on Creative Arts. The beneficiaries were drawn from Khana, Gokana, Tai and Eleme Local Government Areas of Rivers State.
The induction and orientation ceremony, which took place at the CRAB of the Department of Theatre Arts of the University of Port Harcourt on Wednesday, was a prelude to the training proper, billed to commence next Tuesday.
As usual, HYPREP issued undertaking forms to the trainees, for them to complete and submit as a guarantee that they would subject themselves to the requirements of the programme as well as be of good behaviour throughout the four-month duration of the training.
HYPREP also announced that it would pay N150,000 to each of the beneficiaries monthly, as transport and feeding allowance, stressing, however, that only those who fully participate in the training would be entitled for the allowance.
Speaking at the event, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, welcomed the trainees to the programme, saying, HYPREP’s projects are evolving and that one thing that is happening today is that the Project has gotten leadership right, by making promises and keeping those promises.
According to him, the Project had equally promised to move away from rudimentary skills acquisition to high impacts acquisition levels, which it has kept today by sponsoring the training on Creative Arts.
He noted that in planning its livelihood programmes for Ogoni youths, HYPREP has taken time out to look for skills that would add value to the lives of the beneficiaries.
Zabbey, who was represented at the event by the Director of Technical Services, Prof Damian-Paul Aguiyi said by packaging the Creative Arts training, it was expected that the Ogoni people would have their own version of Nollywood known as Ogoniwood just as Nigerians are familiar with Hollywood, Bollywood, Kannywood and Nollywood.
To achieve this goal, the Project Coordinator explained that it was the reason for choosing a reputable establishment like Halibiz Consult Limited, to partner with the Department of Theatre Arts of the University of Port Harcourt, which he described as one of the most prestigious in the Niger Delta, for the training of the beneficiaries.
He also indicated that in doing this, HYPREP was desirous of going for talents that would help the Ogoni people grow in the film industry, and urged the beneficiaries to take the training seriously.
Zabbey equally enjoined the trainees to put in their best so that in the next three to five years, they would carve a niche for themselves and become forces to reckon with in the film industry.
On her part, HYPREP’s Head of Sustainable Livelihood, Mrs Josephine Nzidee said HYPREP does what it says it will, stressing that the process of training Ogoni youths on specialised skills started three years ago.
According to her, the selection process for the training was rigorous and transparent, and was carried out by renowned actors actresses.
She disclosed that the training consists of three major aspects, which include acting, script writing and make-up, while Nollywood actors like Charles Nnoje, Ngezu J. Ngezu and award-winning make-up artist, Jude Odo would be on hand to drill and groom the beneficiaries.
Mrs Nzidee noted that the programme is a specialised training that does not have anything like starter packs but that it is purely a professional certification programme that would launch the beneficiaries into the Nollywood industry in Nigeria.
According to her, the Creative Arts training is one of the four specialised trainings organised by HYPREP to ensure that the Ogoni people are well positioned in vital industries like Aviation, Maritime, Creative Arts and Mechatronics.
She said the last of such trainings on Mechatronics would take place in the coming months, and urged the beneficiaries to take the training seriously so as to put the Ogoni people on the Nollywood map.
She further indicated that while Charles Nnoje and Ngezu J. Ngezu would take the beneficiaries on the practical aspects, Jude Odo would take them on the make-up aspects.
Also speaking, the External Relations Manager of Halibiz Consult Limited, Alabo Experience Douglas said his company gives much premium to standard and quality, and assured that the firm would give the trainees value for the money spent on the programme.
While charging the beneficiaries to be dedicated and punctual, he stressed the need for them to approach the programme with the mindset of being empty so that at the end of the day, they would benefit maximally.
On his part, the Head of the Theatre Arts Department of the University of Port Harcourt, Dr Ovunda Ihunwo said the CRAB is an acronym for Creative Review of Arts and Books, stressing that it was named by renowned playwright, Prof Ola Rotimi.
According to him, the CRAB had nurtured, groomed and produced Nollywood actors and actresses like Bobmanuel Udokwu, Ejike Asiegbu,Francis Duru, Hilda Dokubo, Monalisa Chinda, Julius Agwu, and a host of others, assuring the beneficiaries that they were on fertile environment to hone their talents.
He noted that symbolically, the crab is a nutritious seafood common in the Niger Delta, and reiterated the need for the beneficiaries to come empty for the training, as it were.
Ihunwo disclosed that the theory classes of the programme would run for three weeks while the fourth week would be for the master classes, and urged the trainees to avail themselves of the opportunity to make a difference by telling the Ogoni story, which he described as inexhaustible by themselves, in order to put Ogoni on the map.
A 23-year-old student of Nasarawa State University identified as Jatau Rilokwah, has been reportedly found dead in the university’s senior staff quarters.
A counter-insurgency expert, focused on the Lake Chad region, Zagazola Makama, disclosed this on his X handle on Tuesday.
According to him, the discovery was made on April 27, 2025, by a security officer at the university, Emmanuel Gyawo.
He stated that Gwayo was directed by Prof. Shedrack Jatau to check on his son upon arriving at the residence, and he found Rilokwah hanging from the ceiling.
“Professor Jatau, who was reportedly out of the State at the time, was informed of the incident. A team of police detectives, led by the Divisional Crime Officer of Angwan Lambu, was dispatched to the scene.
“The body showed no signs of violence, and no suicide note was found. Rilokwah was rushed to the Federal Medical Centre in Keffi, where he was confirmed dead by a medical doctor,” he further stated.
He added that the student’s corpse had been deposited in the hospital morgue.
He also quoted police sources as saying that investigations were ongoing to determine the circumstances surrounding the incident.
The Ogun State Government has partnered with Nike Art Gallery to establish a new exhibition space at the Olumo Rock Tourist Centre in Abeokuta, a move Governor Dapo Abiodun says is aimed at boosting annual tourist visits from 20,000 to over 100,000.
Abiodun disclosed the plan on Wednesday while receiving the founder of the Nike Art Gallery, Chief (Mrs) Nike Davies-Okundaye, at his office in Oke-Mosan, Abeokuta.
“I went to Olumo Rock about a month ago and I decided that we needed to do something about restoring Olumo Rock to its old glory. From statistics, Olumo Rock hosts about 20,000 people a year in its current state, and I felt that we could increase that to at least ten times,” the governor said.
As part of the plan, an events hall within the tourist centre will be repurposed as a permanent gallery operated by Nike Art Gallery.
“I told them to shut it down. Practically, we want to bring it down and turn it into a gallery for you to use as an exhibition gallery,” he told Davies-Okundaye.
He added that the gallery will be ready before the National Sports Festival in May, when the State will host about 15,000 visitors.
“I want them to be able to see our tourist sites,” he said, listing attractions such as the Olusegun Obasanjo Presidential Library, the Ransome-Kuti family home, and the Adire market among key heritage spots to be showcased.
Highlighting Ogun’s improved infrastructure, the governor said, “Now that we’ve succeeded in having the intra and inter-state roads in place, you can come to Ogun State by rail; you can come by air. We’ve constructed one of the best airports in Nigeria, and very soon, you will be able to come by sea.”
Davies-Okundaye, in her remarks, praised the state’s efforts to promote tourism and pledged to use the new gallery to attract global attention.
“This gallery will bring many Heads of State. The one I opened in Abuja already has more than 10 Heads of State, including those from South Korea and the Czech Republic. The same will happen here,” she said.
She also applauded the Governor for his commitment to the Adire fabric industry.
“Adire is all over Nigeria, but Ogun has been promoting Adire for over 50 years. Today, the only cloth we can call our own is called Adire. This is what we can sell to the Europeans,” she said.
Abiodun reaffirmed his administration’s backing of the Adire industry, citing policies such as the Adire Ogun Digital Marketplace, compulsory wearing of Adire in the state, and provision of solar-powered production equipment to support artisans.
He also revealed plans to open a creative arts and entertainment village in partnership with Bolanle Austen-Peters, expected to be completed within two months.