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Business Day

Nigeria records 27% decline in remittance in 2020Diaspora remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42 billion, almost entirely due to a 27.7 per cent decline to Nigeria, which accounts for over 40 per cent of such flows to the region, according to the World Bank. Remittance flows to the region were affected by the COVID-19 pandemic, in particular by restricted mobility measures and the employment situation in the main host countries. The decrease in inflows to Nigeria is partly attributable to a high (27 percent) premium on the naira/US$ exchange rat…

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