The Brexit has been one of the biggest political events of the century. Affecting global communities and economies, the brexit has particularly hit South African, Nigerian and Asian communities. The pound dropping considerably hasn’t help either as remittances are much more costly or are estimated to take longer now that the UK will be revoked access to the united free market.
“Maybe migrants [in the UK] will work harder to make up some of that shortfall, but [given] the fall in the value of the pound, it is going to be hard to make up for all of that.
The overall effect of the Brexit was the pound dipped to lows not seen in over a hundred years. Not only will your family receive less when you send remittances, it has become harder to earn the same amount of money due to the devaluation.
“We have over one million Nigerians in the United Kingdom,” said Muda Yusuf, director-general of the LCCI by phone. “The money they send home from mainly London each month, not only supports their immediate and extended families here, it is also building them family houses in different locations in Nigeria.
Remittances make up over 3 % of Nigeria’s GDP. The current devaluation due to the brexit has hurt the industry in Nigeria. Jobs and stability are of main worry as people worry if they can keep up their remittances which are not more costly. However some have begun using Bitcoin as a form of remittance. Not only does it retain its value when you send it abroad, it is received instantly by families living aboard. Needing only a Bitcoin wallet, NairaEX, Nigeria’s Leading Bitcoin exchange allows you to send your Bitcoin for Naira in a matter of hours. So when workers do send money back home, compared to the pound they can be rest assured that their families will receive the most in returns.