29 days ago • Posted by William Ramstein

Nigeria is unlike other African nations in its high level of remittances

Remittances to Nigeria were $17.2 billion in 2020, down 27.7% year-on-year, according to the World Bank, which attributed the decline to a 27% premium on the naira-dollar black market exchange rate and the central bank's directive that local exchange houses pay out remittances in hard currency. Total remittances also declined 2.1% in 2019 versus 2018. Source: spglobal