CBN Initiates Special Task Force to Double Remittances, Streamline Costs, And Ensure Compliance
The Central Bank of Nigeria has established a task force with the aim of doubling remittance inflows into the country from the $20.5 billion received in 2023.
Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) announced this decision during a press briefing held after the conclusion of the World Bank/IMF Spring Meetings in Washington, DC on April 20, 2024. The task force will directly report to Governor Yemi Cardoso.
On the sidelines of the Spring Meetings, the bank convened meetings with several International Money Transfer Operators (IMTOs) to discuss formal remittance inflows into Nigeria, as part of a broader initiative to enhance forex supplies. The meeting saw the participation of representatives from both domestic and international stakeholders in the Nigerian forex market.
According to the Governor, the taskforce will drive progress and address any bottlenecks that hinder flows through formal channels.
He said,
“We had very productive discussions leading to International Money Transfer Operators (IMTOs) where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term. This target is both ambitious and achievable and we are wasting no time in setting up a collaborative task force reporting to myself to drive progress to address any bottlenecks to hinder flows through formal channels.”
