WorldRemit announces the first USD payout option in Nigeria in a bid to guarantee free flows of remittances. The leading digital cross-border remittance company has announced that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up provider.
The collaborative efforts from the CBN and WorldRemit would go a long way in aiding, improving, and simplifying remittance flow in Nigeria and increased liquidity in the foreign exchange markets owing to the fact that CBN has allowed international money transfers to be paid in foreign currency.
According to Mr. Gbenga Okejimi, Country Manager, Nigeria, and Ghana, at WorldRemit:
We are very happy to announce that customers can continue to send money to Nigeria seamlessly using WorldRemit. We have added a new option to send USD for cash pick up to approximately 3,500 cash payment points around the country. This will make international payments more convenient for Nigerians during this holiday season, when we typically see an increase in transfers.
Currently, there are more than 13 million Nigerians living abroad. Hence, the flow of remittances is very crucial to getting the needed fund across to beneficiaries the country being one of Africa’s primary sources of foreign currency.
It was recorded that the worth of the remittances in 2018 was over $44bn in sub-Saharan Africa which exceeded the $32bn foreign direct investment in 2018.
Recently in the words of President Muhammadu Buhari:
$25billion annual remittance by Nigerians in the diaspora was more than 80 per cent of the country’s annual budget and formed about six per cent of the Gross Domestic Product (GDP).
Thus, the efforts from the CBN and WorldRemit, show a collaborative approach to supporting remittance flow to Nigeria.
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