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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has expressed confidence in achieving a target of $1 billion in monthly diaspora remittances. He attributed this potential to recent improvements made in collaboration with International Money Transfer Operators (IMTOs) and the continued support from Nigerians abroad.
Speaking at a joint press conference alongside Mr. Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy, Cardoso highlighted these developments at the conclusion of the International Monetary Fund (IMF) and World Bank Annual Meetings. Cardoso noted that diaspora remittances have surged from approximately $250 million in April to over $600 million in September.
The CBN governor emphasized the importance of engaging IMTOs, noting that their initial challenges with remittances have been addressed collaboratively. This engagement, he believes, will drive remittance inflows to reach the $1 billion monthly mark.
“With recent initiatives from the Nigeria Interbank Settlement Systems (NIBSS), such as enhancements to the Bank Verification Number (BVN) and other banking products, coupled with our efforts to address IMTO challenges, we’re confident that we will reach this goal,” Cardoso stated.
Further addressing Nigeria’s status on the Financial Action Task Force’s (FATF) Grey List, Cardoso detailed ongoing efforts to strengthen the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) frameworks. “Over the past year, we’ve prioritized stabilizing the exchange rate, promoting financial inclusion, and enhancing transparency in monetary policy,” he explained, adding that these efforts have improved foreign exchange market stability and increased remittances.
Finance Minister Edun also highlighted the positive outcomes of the administration’s economic reforms, emphasizing a global consensus on inflation management. “While Europe nears its inflation target of two percent, the easing of tight monetary policies there signals a broader recovery,” Edun said, underscoring the administration’s commitment to fostering financial stability and inclusive economic growth.
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