The Central Bank governor, Olayemi Cardoso, has stated that the bank fast tracked the remittance of around $600 million through International Money Transfer Operators (IMTOs).
He stated this yesterday during “fireside” event at the just concluded Nigeria Economic Summit #NES30 organised by the Nigeria Economic Summit Group (NESG) in Abuja
Cardoso revealed that the bank had made significant progress in growing remittance volumes. “When we started, the volumes going through the remittances from overseas were about $200 million, and as of the end of September, we are almost at $600 million. This achievement was the result of focused efforts on strengthening the foreign exchange inflow through IMTOs, “he said.
Explaining the CBN’s strategy in engaging IMTOs to address challenges and streamline their operations, Cardoso said, “When I was in Washington for the spring meetings, I called different IMTOs from various parts of the world. We engaged them extensively, understood their problems, and overhauled operations to make it easier for them to get their licenses and operate and the collaborative approach has led to a significant increase in remittance volumes.
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He explained that while monetary policies aim to stabilise the economy, they do not replace the need for strong economic fundamentals adding that “Taming inflation is key because it significantly reduces purchasing power and deters investment.”
Regarding CBN interventions, Cardoso disclosed that previous interventions would require completion, which would take time and resources as the pool of intervention is not infinite, noting that ongoing programs need to be finalized before new initiatives can begin.
He indicated that the CBN is working with development banks such as the Bank of Industry (BOI) to create the necessary capacity to manage future interventions effectively.
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