Connect with us

Nation

CBN Introduces N5 Rebate On Every $1 Remittance, Today

Published

on

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.

Continue Reading

Nation

RSG Hosts 2026 President’s Inter-SS Debate as Eight States Vie for National Crown

Published

on

Eight states across Nigeria have converged in Port Harcourt for the 2026 edition of the President’s Inter-Senior Secondary Schools Debate Championship, hosted by Rivers State Government.

The three_days championship, themed “27th Democracy & 3rd Year Anniversary of President Ahmed Tinubu Inter-Senior Schools Debate Championship,” opened on Monday at Government Girls Secondary School, Rumueme, Port Harcourt.

The participating states are Ebonyi, Abia, Delta, Sokoto, Yobe, Kwara, Enugu, and host state Rivers. Each state is represented by its top debaters selected through state-level contests.

Declaring the event open, the Rivers State Commissioner for Education, Dr. Peters Nwagor, said the championship goes beyond winning trophies. He described it as a national investment in the next generation of leaders.

“This platform is for nurturing young minds,” Nwagor said. “It builds critical thinking, research skills, confidence, effective communication, and the ability to engage constructively with views different from one’s own. These are the very qualities upon which responsible leadership and nation-building are founded.”

The Commissioner commended the organizers, participating schools, teachers, and coordinators for their commitment to promoting intellectual excellence among Nigerian youths.

He urged the students to compete with confidence, discipline, and respect. “Debate is not merely about winning an argument,” he noted. “It is about listening carefully, reasoning with clarity, presenting your evidence with honesty, and having the grace to learn from others. Let the quality of your ideas and the strength of your character define your participation here.”

Nwagor assured the participants that Rivers State is proud to play its part in raising a generation that will bring bold and innovative solutions to the country’s challenges. He wished all teams a rewarding, memorable, and successful championship.

Earlier in his welcome address, the National Coordinator of the President’s Schools Debate Nigeria, PSDN, Elder Dare Oritu, called the event a “gathering of minds” drawn from different parts of the country.

According to Oritu, debate is about three things. “It is about _unity_. It brings us together from different schools and backgrounds to learn from one another. It is about _broadening the mind_. It teaches you to think deeply, to listen well, to ask ‘why,’ and to defend your ideas with facts and respect. It is about _preparing you for leadership_. The problem-solvers and decision-makers of tomorrow are in this hall today.”

He reminded the students that debate is not a contest of aggression. “Debate is _not a fight_. We challenge ideas, not people. It is _not about who is better_. And it is _not do-or-die_. We win with grace, and we learn with humility,” Oritu said.

The PSDN National Coordinator encouraged all participants to compete with integrity, speak with clarity, and leave wiser than they came. He wished them the very best throughout the competition.

Highlights of the opening ceremony included the official draw for debate matches, administered by PSDN officials. The pairings will determine which states face each other in the preliminary rounds as the battle for the 2026 national title begins.

 

Amadi Akujobi

Continue Reading

Nation

NIIT Port Harcourt Graduates 61 Cybersecurity Students, Enrols 48 New Intakes

Published

on

The National Institute of Information Technology (NIIT), Port Harcourt, has graduated 61 students from its six-month Cybersecurity training programme. The institute also inducted 48 new students for the new academic session during a brief ceremony held at its Port Harcourt centre on Monday.

Centre Manager of NIIT Port Harcourt, Mr. Precious Ogulu Tom, said the institute is always excited to induct students into cybersecurity because it is one of its flagship courses with strong international recognition. He noted that the centre’s performance has earned it high ratings from ICSS, adding that in the past academic year, more than 20 students passed ICSS certification exams.

According to him, beyond the NIIT certificate, which is globally recognized, students also proceed to ICSS and complete their courses without difficulty. He credited the faculty for maintaining standards and said NIIT remains the leading ICT training institute in Port Harcourt and Rivers State.

Tom said NIIT has a presence in all major cities in Nigeria and its headquarters in India, with training covering all areas of ICT. He added that every year the institute produces at least one first-class graduate in Software Engineering from partner universities such as Middlesex University and the University of Sunderland. He described the institute’s approach as practical and hands-on.

On fees, he addressed comments about cost online, saying quality training requires investment. “Does anything good come easy? Nothing good comes easy,” he stated. He explained that students receive industry-standard books and globally recognized certificates, and invited parents and prospective students to register with NIIT for value-driven training.

Also speaking, Principal Instructor for Cybersecurity and Ethical Hacking, Mr. Nyekwere TamunoTonye, said the cohort began in February with high expectations and completed the programme in six months. He said one notable achievement was that the class remained largely intact despite challenges, including system breakdowns and family issues. “At the end of this six months, we never lost anybody. That is the greatest. So, we give God the glory,” he said.

Nyekwere said students were exposed to multiple domains in cybersecurity and received strong practical training. He told the graduands that their real learning starts now and urged them not to relent. “This is no longer the time you go back to play,” he added.

He emphasized that the institute equipped them not only with technical and practical skills but also with character and a mindset for continuous learning. He noted that no institution, including Harvard or Yale, can teach everything, but good schools set the path, which NIIT has done.

He charged them to deploy their skills positively. “I don’t want to see any of you being arrested by the EFCC tomorrow. I don’t want to see any of you being arrested by the police. I don’t want to see any of you being arrested,” he said.

Senior IT Counselor and Head of Sales and Marketing, Mrs. Igbigbari Vincent-Eretoru, congratulated the graduands for completing the programme and defending their presentations according to NIIT academic standards. She said certificates are awarded in character and learning, and urged them to be good ambassadors of NIIT Port Harcourt by applying what they learned.

Responding on behalf of the graduates, Class Section Head Tamunotonyesia Epelle said many came in with questions and uncertainty about specializations but left with clarity, confidence, and technical competence gained through practical assignments, teamwork, and the instructor’s push to avoid mediocrity.

Continue Reading

Nation

HYPREP Marks 15 Years Of UNEP Report, Highlights Major Cleanup Milestones

Published

on

The Hydrocarbon Pollution Remediation Project (HYPREP) has commemorated the 15th anniversary of the release of the United Nations Environment Programme (UNEP) Environmental Assessment Report on Ogoniland, reaffirming its commitment to restoring the environment and improving the livelihoods of affected communities.

In a statement signed by the Project Coordinator, Prof Nenibarini Zabbey, to commemorate the anniversary, HYPREP described the anniversary as a significant milestone in Nigeria’s environmental restoration efforts, noting that the project has made remarkable progress in implementing the recommendations of the landmark UNEP report released on August 4, 2011.

The UNEP report had revealed extensive oil pollution across Ogoniland, severe environmental degradation, and serious public health risks resulting from decades of petroleum operations. It also recommended an initial $1 billion fund to commence the cleanup of the affected communities.

According to HYPREP, the Federal Government formally launched the Ogoni clean-up in 2016, while the Project Coordination Office was established in 2017 to drive the implementation of UNEP’s recommendations.
Zabbey said the current administration has continued to prioritise the project under the Renewed Hope Agenda.

Providing an update on the cleanup, the Project Coordinator disclosed that 30 of the 65 contaminated sites identified by UNEP have been fully remediated, while work is ongoing at several medium- and high-risk locations. It also stated that more than 1.5 million mangrove seedlings have been planted as part of what it described as the world’s largest restoration of oil-degraded mangroves, with over 1,000 hectares of shoreline already rehabilitated.

Zabbey further revealed that 49 Ogoni communities have been connected to potable water schemes through multiple water projects and booster stations aimed at providing safe drinking water across the region.

In the health sector, he said the 100-bed Ogoni Specialist Hospital in Kpite and the 43-bed Cottage Hospital in Buan are nearing completion, adding that several existing health facilities have been upgraded with modern medical equipment, while five ambulances have been donated to improve emergency healthcare services. The Project Coordinator also disclosed that a three-year human health biomonitoring study is being conducted in collaboration with the World Health Organization’s International Agency for Research on Cancer (IARC).

On economic empowerment, Zabbey stated that the Project has created more than 8,000 direct jobs and trained thousands of Ogoni youths and women in various vocational and technical skills, including software development, cybersecurity, aviation, commercial diving, seafaring, mechatronics, and creative arts. The project also reported awarding scholarships to more than 1,000 students, providing grants to small businesses, and supporting persons living with special needs through skills acquisition programmes.

The statement further highlighted ongoing legacy projects, including the Ogoni Power Project and the Centre of Excellence for Environmental Restoration, which it said is about 96 per cent complete. HYPREP also welcomed the recent designation of the Ogoni Wetland as a Ramsar Site of International Importance and pledged to continue promoting biodiversity conservation and sustainable management of the ecosystem.

Marking the anniversary, Zabbey said the progress achieved over the past 15 years demonstrates the collective commitment of government, development partners, stakeholders, and local communities to restoring Ogoniland. He called for renewed collaboration to sustain the cleanup effort, promote environmental sustainability, and support the long-term development of the region. 3

Continue Reading

Trending