CBN Plans Strategy To Double Remittances.
Central Bank of Nigeria has activated plans to double
foreign-currency remittance flows through formal channels by granting 14 new
International Money Transfer Operators Approval-in-Principle.
This was disclosed in Abuja on Wednesday by the Bank’s
Acting Director of Corporate Communications, Mrs. HakamaSidi Ali.
Ali stated that the initiative will help increase the
sustained supply of foreign exchange in the official market by promoting
greater competition and innovation among IMTOs to lower the cost of remittance
transactions and boost financial inclusion.
The increase in the number of IMTOs is one of the primary
actions initiated by the CBN’s remittance task force, overseen by Governor
Cardoso as a collaborative unit pulling together specialists to work closely
with the private sector and market operators to facilitate the ease of doing
business in the remittance ecosystem in Nigeria.
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