Youth groups hail new CBN monetary policy on diaspora remittance

Youth groups including Ethnic Youth Leaders Council of Nigeria (EYLCN), the Coalition of the Ohanaeze Youths Movement, the Arewa Consultative Movement, the Niger Delta Youth Council and the Odua Youth Assembly on Sunday hailed the Central Bank of Nigeria (CBN) over the recent introduction of the diaspora remittances of foreign exchange policy to halt the declining value of the naira caused by the shortage of forex in the country.

This was contained in a statement made available to newsmen in Abuja by EYLCN spokesperson Mr. Godwin Meliga and the leaders of Ohanaeze Youth Movement, Ochiagha Uche Nnadi; Arewa Consultative Youth Movement, Kabiru Yusuf; Niger Delta Youth Council, Bassey Henshaw and Odua Youth Assembly, Isiaq Bello.

The groups hailed the CBN Governor, Godwin Emefiele, for his vision and boldness in directing the policy and reversing the downward trend of the Naira.

The policy, the groups maintained, had boosted the economy and made it viable yet again, saying that “it has made prices of certain goods which are imported into the country cheaper, hence having a spiral effect on several other products and the economy generally.”

The groups observed that the Naira recently reversed its depreciation trend in the parallel market, due to what observers attributed to the new rules introduced by the CBN.

It, therefore, restated its conviction that the Godwin Emefiele-led CBN was capable of drawing the country out of its latest recession, described as the worst recession in several decades.

The policy allows beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary accounts to collect the proceeds in foreign currencies.

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