Nigerian transfers relax as a country at the head of Subsahara Africa-still cost highly-economy

nigeria is again the largest recipient of transfers in Subsahara Africa to the region, in which money transfers rose by 6.2 percent to $ 45 billion, as a new report by the World Bank shows.

The effects of Nigerian politics on transfers

after November 17, 2021 press release , this increase in value of the sentence sent is indeed a recovery from the overall transfers sent by Nigerians over the past year. The declaration attributes this increase to measures that were introduced by the country's currency authorities in the first quarter of 2021.

These measures aim to promote the use of formal channels for returning money.

"Nigeria, the largest recipient in the region, is experiencing a moderate recovery of the transfer flows, some of them due to the increasing influence of measures that aim to direct tributaries over the banking system," explained the explanation.

as before reported by bitcoin. News, the central bank of Nigeria (CBN), which had just issued her instructions that targeted crypto title-canceled one Incention system that rewarded recipients for withdrawals through the banking system in March 2021. Since then, officials have claimed that the system contributes to improving the flow of formal transfers to the country.

transmission costs still well below the UN target

In terms of the costs for transfers, the World Bank's statement states that the broadcast fee of the region - which has decreased slightly from 8.9 % to 8 % in the first quarter of 2021 - is still one of the highest in the world. The World Bank attributes these high costs for transfers to Subsahara Africa to the "small amounts of formal money flows and the use of black market exchange courses".

These shipping costs also show that the Subsahara Africa region is still well above the goal of the United Nations for Sustainable Development (SDG) 10.C 1 to reduce this to less than 3 percent. So far, only the Southeast Asia region has send costs that are 4.6 percent close to this SDG indicator.

Do you think it is possible to reduce the costs of transfers to Subsahara Africa to less than 3%? Tell us your opinion in the comments below.

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