The Central Bank of Nigeria (CBN) has announced the formation of a "Remittance Task Force," a specialized team dedicated to overseeing remittances and ensuring their smooth operation.
The Governor of the CBN, Yemi Cardoso, made this statement at a press briefing following the conclusion of the World Bank/IMF Spring Meetings in Washington, DC on Saturday, April 20th.
In an earlier development, the CBN had reportedly reached an agreement with International Money Transfer Operators (IMTOs) to form a Collaborative Task Force aimed at boosting remittance inflows into the country.
Nigeria relies heavily on remittance inflows to boost dollar supplies, which, according to the World Bank, average around $20.5 billion. The apex bank did not state what the current official remittance inflows were.
The Governor stated that they are setting up a collaborative task force reporting to the CBN Governor to drive progress and address any bottlenecks that hinder flows through formal channels.
"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."
