November 6, 2020/Cowry Asset Report

In the just concluded week, the World Bank stated that it expects inflow of diaspora remittance to Nigeria to drop by USD2 billion to USD21.7 billion in 2020, from the USD23.8 billion it printed in 2019.

According to the World Bank report, the decline in remittances from Nigerians living abroad was amid COVID-19 pandemic and the attendants economic crisis which negatively affected most foreign countries.

Specifically, weak economic growth and employment levels in migrant–hosting countries as well as weak oil prices remained the major contributing factors.

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