The forex reform implemented by President Bola Tinubu in Nigeria is yielding positive results in terms of increased remittance inflows into the country. The reform involves allowing the Naira to float and letting market forces determine the exchange rate. As a result, several Nigerian companies have launched initiatives and partnerships to facilitate seamless remittances and international payments.
For example, Flutterwave has introduced a service called “Tuition,” which enables Nigerians and Africans studying abroad to pay their school fees using localized currencies and payment methods. Access Bank has partnered with Remitly, an American online remittance service, allowing customers to receive and deposit cash in dollars at Access Bank branches. Paga, a Nigerian payment platform, is open to partnering with any remittance company interested in local partnerships, providing reliable remittance delivery to phone numbers or financial institutions.
These initiatives have been supported by various companies in Nigeria, as they appreciate the ease of operation under the president’s forex policy reform. The reform, which allows market forces to determine the exchange rate, has addressed the challenge of easy access to foreign exchange for investors. Foreign investors, like Sunil Bharti Mittal, Chairman of Bharti Airtel Limited, have praised the move, citing improved availability of forex as crucial for attracting investment and importing essential infrastructure equipment.
Overall, the forex reform implemented by President Bola Tinubu is positively impacting remittance inflows and international payments in Nigeria, with various companies and investors supporting the government’s efforts to address forex challenges through the reform.
