The Director General of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture
(NACCIMA), Ambassador Ayo Olukanni has said that the chamber is in full support of Naira 4 Dollar Scheme.

He noted that the scheme would boost foreign exchange if it is truly done, saying “properly implemented I think it may have positive impact on our modest exit from recession, boost our foreign exchange input and hopefully result in reduction of pressure on the Naira.”

“However we are of the view that other areas which deserves attention in the quest to increase forex inflow is our non-oil exports which is yet to be fully tapped due to reasons we all know. We hope to see appropriate incentives to boost foreign exchange by scaling up our non-oil exports as we grapple with what should be done to ensure inflow of Forex and also shore up the Naira.”

In addition, the DG stated that “Diaspora remittances have always been identified as an important component part of inflow of foreign Exchange into the Nigerian economy. This is perhaps what inspired this “Naira 4 dollar Scheme” by the CBN.

Annual figures in recent years range from $22 billion in 2017 to $23.63 in 2018 and projection before COVID-19 was that it will go as high as $35 billion by 2023. All said and done it is said that it contributes as much as 6% of our GDP and its economically significant for us in meeting our developmental aspirations hence it has received a lot of attention.

The Nigerian in Diaspora Organisation NIDO initiative which officially started in 2000 and the eventual creation of the Nigerian Diaspora Commission by the National Assembly were all part of the various efforts to harness the full potentials of the Nigerian Diaspora, including remittances which in addition to supporting households, can also be channelled into national development. All of these must have led to the steps taken by CBN to encourage remittances.

Of course COVID-19 led to a slowdown especially in year 2020. And as the global economy rebounds and takes a new upward trajectory I am of the view that this is why the CBN has taken this strategic options to encourage remittances from the Diaspora which is quite huge and located across the world.