Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), said Nigeria tops other African countries in payment inflows and is among the top five worldwide.
Mr Godwin Emefiele did not give a figure, but said African countries received $72billion payments in 2017.
Emefiele, who was represented by the Director Statistics Department, Mr Mohammed Tumala, spoke on Tuesday in Abuja, at the opening session of a workshop on payment household surveys jointly organised by the CBN.
He said that payments inflows contribute significantly to foreign exchange earnings and household finances in most developing countries.
Most Money sent home by migrant workers is among the major financial inflows to developing countries and in some cases, it surpasses international aids and grants.
“According to the World Bank, global payments have increased steadily over the years to about $613 billion in 2017, and $72 billion was received by African countries.”
Emefiele said that in recent years, Nigeria has taken actions aimed at attracting payments inflow to the country and donate to its economic development.
He added that one of the measures taken is Nigeria becoming a member of the International Association of Money Transfer Networks (IAMTN)
However, he said that compilers of transfers statistics in the country use both banking records and staff estimations of informal inflows.
This is a methodology that had its own challenges.
We think that a large mass of migrants’ payments passes through informal channels and are therefore not recorded.
Nigeria is yet to conduct a household-based transfers review to provide technical estimations of these informal inflows.
In addition, data from banking records also come with some divergences as a result of classification challenges on the part of reporting institutions.
The CBN governor further said that this made the decision to request for technical assistance to help in data collection on the inflows.