According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich country. Migrants Shunned Official Channels As shown by the data, Nigeria has only previously recorded a yearly total remittance inflow of below $20 billion just once since 2011. This occurred in 2016 when a total…
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Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged was first posted on May 14, 2021 at 7:03 am.
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