CBN’s ‘remittance Task Force’ to report directly to Cardoso

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The task team constituted by the Central Bank of Nigeria (CBN) to double remittance inflows into Nigeria will report directly to the Governor, Yemi Cardoso.

Yemi Cardoso, Governor of the Central Bank of Nigeria, gave this comment during a press briefing following the World Bank/IMF Spring Meetings in Washington, DC on Saturday, April 20th.

The country’s central bank has formed a Collaborative Task Force with International Money Transfer Operators (IMTOs) to increase remittances.

Nigeria relies heavily on remittance inflows to boost dollar supplies, which, according to the World Bank, average around $20.5 billion.

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.”