Central Bank of Nigeria (CBN) has engaged leading international money transfer operators (IMTOs) to raise remittance inflows to $1 billion through formal channels.
Newsextrea24 reports that governor of CBN, Olayemi Cardosa revealed this while speaking about remittance target during a press conference in Washington DC on Saturday.
Leading the Nigerian delegation, Cardosa and Wale Edun, the minister of finance have been engaging global leaders, investors, and diaspora community in the past week at annual meetings of International Monetary Fund (IMF) and World Bank in the United States (US).
Speaking on outcome of the meetings at the news conference, Cardoso said each engagement was designed to strengthen macroeconomic and financial system stability.
The CBN governor noted that Nigeria’s participation aimed to advance a path towards sustainable and inclusive economic growth that benefits its citizens .
he said, “Our team held productive discussions with leading IMTOs, where we collectively committed to growing remittance flows to 1 billion US dollars through formal channels into Nigeria.”
“This target is both ambitious and achievable, and we are fully committed to mobilising resources to reinforce the collaborative task force which I am leading at the bank.”
Cardoso said the team is focused on driving progress by identifying and resolving bottlenecks that hinder remittance flows through the formal channels into the country.
