Says new policy on remittance inflow will revolutionise economy, reduce cost
By Joseph Erunke – Abuja
The African Centre for Justice and Human Rights, ACJHR, has commended the Central Bank of Nigeria, CBN, for its introduction of the ‘Naira-for-Dollar policy.
The organisation, led by Barrister Nduka Edede Chinwendu, as its Executive Director, in a statement, said it “received with joy the introduction of the ‘Naira-for-Dollar’ policy by the Central Bank of Nigeria.”
“ACJHR gives the CBN and its governor, Godwin Emefiele, and other members of the team a pass mark on this noble policy.
“We are aware of the ability of the new policy on remittance inflow to revolutionise our economy, reduce cost and check round-tripping.
READ ALSO: Ethnic youth leaders endorse Emefiele-led CBN’s Naira-for-Dollar policy
“We, therefore, urge Nigerians to embrace the policy and ensure its success,” the statement said.
The policy, according to the apex bank, offers an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.
“Having assessed the economy and what this policy is capable to achieve within a short period, we dare say that this policy is a game-changer as far as our economy is concerned,” the statement added.
“All other central banks in Africa are therefore urged to borrow a leaf from how Emefiele and his CBN team have been churning out laudable policies that have been turning around the nation’s economy, and by extension, the continent’s economy,” it said.
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