CBN Collaborates with International Money Transfer Companies to Double Remittances to Nigeria
The Central Bank of Nigeria (CBN) has enlisted the support of several International Money Transfer Organizations (IMTOs) to double the inflow of remittances to Nigeria as part of its efforts to strengthen the foreign exchange market dynamics.
CBN Governor, Mr. Olayemi Cardoso, revealed this in a meeting in Washington DC, which had the presence of representatives of domestic and international stakeholders in the Nigerian forex market such as Lemfi, Flutterwave, J.P. Morgan, Remitly, VertoFx, Interswitch, BudPay, Makeba, TapTap Send, Visa, Venture Garden Group, other players in the remittances industry
While speaking, he mentioned that the task force established by the CBN to oversee remittance inflows into Nigeria will report directly to his office. Cardoso has expressed pride and confidence, stating that as of April 2024, the naira has been declared the best-performing currency globally. He revealed that the federal government has reached an agreement with International Money Transfer Organizations (IMTOs) to establish a Collaborative Task Force aimed at doubling remittance inflows into the country.
In his words,
“We came here with a very clear agenda and have held highly significant international meetings, each one further supporting the stability and ultimate growth of the Nigerian economy. Besides our meetings with multilateral financial institutions and foreign investor groups with a keen interest in developments in Nigeria, including the U.S Chamber of Commerce, we have very productive discussions with leading International money, transfer operators, and IMTOs where we collectively committed to doubling remittance funds through formal channels into Nigeria in the immediate short to medium term.”
Reporting the activities of the current leadership of the apex bank, Cardoso explained that it’s been a season of challenges varying from inflation and FX volatility. However, he expressed satisfaction with the achieved relative stability, particularly in the FX market, enabling a shift from firefighting to strategic planning across key areas.
These areas include enhancing the ease of doing business in Nigeria, consolidating gains through an efficient and transparent market system, and promoting financial and economic inclusion for small businesses and households. He emphasized exploring smarter use of technology and remote banking to reduce transaction costs and enhance financial system accessibility.
