The Central Bank of Nigeria (CBN) has formed a task force that will drive the inflow of remittance into Nigeria.
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The new forced will report directly to Yemi Cardoso, the governor of the CBN. He made this statement at a press briefing following the conclusion of the World Bank/IMF Spring Meetings in Washington, DC, on Saturday, April 20th
Currently, according to the World Bank, the remittance inflows into Nigeria averages around $20.5 billion.
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Nigeria relies heavily on remittance, and this is why CBN had set up a Collaborative Task Force after reaching an agreement with the International Money Transfer Operators (IMTOs) to double the inflow into the country.
Objectives outlined by the Central Bank of Nigeria (CBN) include;
- Reducing transaction costs: A focal point of the discourse revolved around reducing transaction costs associated with remittances, which the CBN identified as a significant barrier to formal inflows.
- Doubling remittance inflows via formal channels: Another objective identified by the CBN is to double remittance inflows via formal channels.
- Establishment of a stakeholders’ forum on IMTOs: In relation to this objective, stakeholders advocated for the establishment of a dedicated forum to engage with IMTOs.
- Compliance standardization: The importance of standardizing compliance processes was underscored, with the CBN expressing its commitment to collaboration with regulators and relevant agencies to streamline remittance payment channels, reduce friction and enhance efficiency.
