How Tinubu’s Forex Policy Is Growing Remittance Into Nigeria

The forex reform of President Bola Tinubu is seen to be having a positive impact on inflow of remittance into the country.

The reform aims to address the challenges of foreign exchange by floating the Naira, allowing market forces to determine the exchange rate.

Many Nigerian big firms have since then launched and partnered initiatives that now allow Nigerians and Africans abroad to seamlessly bring and pay money back to the country.

According to a Twitter user identified as AItalkspace,” Remittances and international payments have kinda received a boost in Nigeria after the exchange rate changes from a few weeks ago. Flutterwave now supports international tuition payments in naira, Paga just announced international payouts in naira, and Access Bank just partnered with Remitly.”

Access Bank and Remitly

Access Bank’s partnership with Remitly, now allows customers to receive and deposit cash in Dollars in all access bank branches.

Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 135 countries.

According to Access Bank, the transactions will be available to both account and non-account holders requiring only a valid ID for dollar pickups.

The bank stated that an instant domiciliary account is opened up on receipt of remittance payment.

Tuition by Flutterwave

Tuition launched by Flutterwave now enables Nigerians and Africans studying overseas to pay their school fees in any part of the world seamlessly and in time using localised currencies and local payment methods.

”We are dedicated to bridging the gap between African students and inadequate banking infrastructures, fraud, high exchange rates, and many more.

“Pay local, study global,” Flutterwave stated

Paga

Paga has declared openly that it is available for businesses from any remittance company interested in local partnerships.

Tayo Oviosu, chief executive officer of Paga disclosed this on his official Twitter handle welcoming every interested partnership.

“Nigerians can now receive remittances in Naira. Paga is wide open for business for any remittance company looking for a local partner.

“Remittances can be delivered to any phone number or financial institution with great reliability,” Oviosu tweeted.

Meanwhile, many companies have also backed the president’s forex policy reform since it was signed, because of the ease of operation, BusinessDay has earlier reported.

Sunil Bharti Mittal, chairman of Bharti Airtel Limited during his recent visit to Nigeria applauded the president for addressing the challenges of foreign exchange by floating the Naira, allowing market forces to determine the exchange rate.

He said the lack of easy access to forex has remained a difficult challenge for investors over the years.

“One of the key changes that his excellency has made in the first few days of his tenure has been making Naira free float unto the market, making the market decide,” Mittal said.

According to him, “One of the biggest problems for foreign investors in Nigeria for many years has been the lack of easy availability of forex, where foreign investors who have spent billions of dollars do not mind paying whatever the market rate is as the market must decide but to be prevented from importing critical infrastructure equipment from our partners like IBM and other software agencies, making it extremely difficult for a company like Airtel which must be the case with others as well.”

Other investors in the country have also cheered the federal government’s move to address forex challenges through the reform.

© Businessday