The Central Bank of Nigeria (CBN) is setting its sights on a significant goal for the current year: to increase the inflow of diaspora remittances by twofold.
During a press briefing following the 295th session of the Monetary Policy Committee (MPC), CBN Governor Olayemi Cardoso addressed this ambitious target.
He revealed the establishment of a dedicated taskforce that is closely monitoring the international money transfer sector and reports directly to him.
Governor Cardoso highlighted that diaspora remittances are a crucial economic component, contributing approximately 6% to Nigeria’s GDP.
In a strategic move to stimulate this sector, the CBN has recently granted licenses to 14 new International Money Transfer Operators, aiming to foster heightened competition within the industry.
With a tone of optimism, Governor Cardoso conveyed his confidence in the taskforce’s ability to fulfill its objectives, citing the progress it has already made.
