The forex policy reform implemented by President Bola Tinubu is positively impacting the inflow of remittances into Nigeria.
The reform aims to tackle foreign exchange challenges by floating the Naira, allowing market forces to determine the exchange rate. As a result, many prominent Nigerian companies have launched initiatives and formed partnerships that enable Nigerians and Africans abroad to easily send and receive money back to the country.
According to a Twitter user, the recent exchange rate changes have boosted remittances and international payments in Nigeria. Companies such as Flutterwave now support international tuition payments in Naira, Paga has introduced international payouts in Naira, and Access Bank has partnered with Remitly.
Access Bank’s partnership with Remitly allows customers to receive and deposit cash in Dollars at all Access Bank branches. Remitly is an American online remittance service that facilitates international money transfers to over 135 countries.
Flutterwave’s Tuition platform enables Nigerians and Africans studying overseas to pay their school fees using localized currencies and local payment methods, bridging the gap caused by inadequate banking infrastructure and high exchange rates.
Paga has expressed its openness to partnerships with any remittance company interested in local collaborations, providing Nigerians with the ability to receive remittances in Naira, deliverable to any phone number or financial institution.
Several companies have supported President Bola Tinubu’s forex policy reform due to its ease of operation. Sunil Bharti Mittal, chairman of Bharti Airtel Limited, commended the president for allowing the Naira to float freely in the market, addressing the longstanding challenge of limited access to forex for investors.
The federal government’s efforts to address forex challenges through this reform have received praise from other investors in the country.
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