Lagos – Dr Evans Osabouhien, a Senior Economist at Covenant University, Ota, Ogun, said Diaspora remittances would engender a more stable foreign capital inflow into the Nigerian economy.

Osabouhien made the statement in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

According to him, there are millions of hardworking Nigerians in various walks of life abroad who remit their proceeds home annually.

The don said that the huge volume of foreign exchange repatriated by them had the potential of changing the fortune of the nation’s economy.

“Diaspora remittances are the most stable foreign capital inflow Nigeria can leverage upon.

“In India remittances revolutionised its IT industry,’’ Osabouhien said.

The don explained that the proceeds of Diaspora remittance in India were used in revolutionising its Information Technology (IT) industry.

He added that the feat achieved through remittance in India led to the creation of the Ministry of Returning Indians.

Osabouhien said for the Indian government, remittance was conceptualised beyond the repatriation of monies made abroad, but included the returning home of professionals.

The don said that most of the professionals had been joining forces with the government of India in the building  of the nation’s economy.

NAN reports that Nigeria has a huge volume of Diaspora remittances being repatriated home to the tune of 21 billion dollars as at 2015.

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, estimated that in the nearest future, about 35 billion dollars Diaspora remittance was expected to be repatriated home.

The Central Bank of Nigeria (CBN) had taken steps to leverage opportunities in remittances.

The apex bank had directed Travelex, a licensed International Money Transfer Organisation (IMTO), to sell proceeds of remittances to BDCs.

Since the resumption in the sale of Forex by Travelex to BDCs, the Nigerian currency had embarked on a smooth but slow journey to recovery.

The Naira had continued to sustain its gains across all segments of the Forex market, a move that had restored hope to many Nigerians.

At the parallel market, the Naira closed at N460 to the dollar from N485 traded three weeks ago.

Trading at the interbank market showed that the naira closed at N304.50 from N320 traded three weeks ago.

The naira exchanged at N380 to the dollar at the BDC window, from N475 it traded three weeks ago.