ISSUES IN REMITTANCES MANAGEMENT BY FOREIGN COMPANIES IN NIGERIA

Abstract

Foreign companies operating in Nigeria have experienced significant issues relating to their remittance management especially regarding their interactions with banks, operating environment and regulatory bodies. While Nigeria remains a leading destination for foreign direct investment in Africa, the business environment has witnessed significant changes that have affected the ability of these foreign entities to effectively carry out their legitimate transactions seamlessly. The compliance and regulatory environment have increasingly become restrictive especially in the area of funds repatriation and the general ease of doing business in Nigeria thereby affecting their business operations. This is in spite of the vital role these foreign companies play in the development of Nigerian economy. This study explores the main issues concerning remittance management by foreign companies operating in Nigeria by analyzing the effects of government policy, regulatory agencies like Central Bank of Nigeria, foreign exchange challenges and other constraints. This paper advocates for a balanced approach that ensures economic stability while fostering a conducive environment for foreign businesses to thrive.