THE NIGERIAN DIASPORA COMMUNITY HAS REMITTED $168.33BN TO THE COUNTRY IN THE LAST EIGHT YEARS, ACCORDING TO DATA FROM THE WORLD BANK AND THE FEDERATION’S BUDGET OFFICE, AND THEIR REMITTANCES HAVE PLAYED A KEY ROLE IN ASSUAGING THE IMPACT OF FOREIGN EXCHANGE SCARCITY. THIS IS AS FOREIGN INVESTMENTS INFLOW INTO THE COUNTRY FLUCTUATED IN THE PERIOD UNDER REVIEW CAUSING A SCARCITY OF FOREIGN CURRENCY, WHICH HAS SINCE LEAD TO THE NAIRA’S FREE FALL. ACCORDING TO THE WORLD BANK, REMITTANCES TO SUB-SAHARAN AFRICA GREW BY 5.2 PERCENT TO $53 BILLION IN 2022, WITH NIGERIA RECEIVING THE LARGEST SHARE.