Remittances head for 3-year high on CBN incentive, ‘japa’

Money sent home by Nigerians who live abroad is projected by the World Bank to hit $20.9 billion this year, with analysts citing the ‘Naira-4-dollar’ scheme and talent exodus as major factors behind the expected increase in remittances.

Many Nigerians have relocated to the United Kingdom, Canada and the United States, among others, in recent years in search of greener pastures, a development that is popularly called ‘japa’ (a Yoruba word for “run quickly”).

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