CBN Delivers Big Win Remittance Inflows Hit $600 Million After IMTO Reforms

CBN Delivers Big Win Remittance Inflows Hit $600 Million After IMTO Reforms

The Central Bank of Nigeria (CBN) has revealed that its recent reforms in the International Money Transfer Operators (IMTOs) sector….. CONTINUE READING

have led to a significant increase in remittance inflows, rising from $200 million to approximately $600 million in just six months.

“We’re pleased with the results of our efforts. When we began, remittance volumes were around $200 million, but by the end of last month, they had grown to nearly $600 million,” CBN Governor Yemi Cardoso announced during a dinner at the 30th Nigeria Economic Summit in Abuja.

Cardoso attributed this success to earlier meetings with IMTO operators in Washington DC during the IMF/World Bank spring meetings, where CBN introduced reforms to simplify licensing processes and enable smoother operations.

He reiterated that the CBN’s primary focus remains price stability and inflation management. Cardoso emphasized that addressing inflation through ongoing rate hikes is key to alleviating Nigeria’s macroeconomic challenges.

When asked about making trade-offs to ease the business environment for the private sector, Cardoso stressed the importance of prioritizing the fundamentals of the economy. “Before discussing trade-offs, we must agree that getting the fundamentals right is essential.”

He also noted that the administration’s monetary and fiscal policies are restoring confidence in the economy, citing improved ratings by international agencies. However, Cardoso acknowledged that much work remains to set the economy on the right path.