The Central Bank of Nigeria (CBN) says remittance inflows rose to almost $600 million as of the end of September.
The Central Bank of Nigeria says remittance inflows rose to almost $600 million as of the end of September.
Olayemi Cardoso, CBN governor, announced at a special summit dinner organised by the Nigerian Economic Summit Group , on Wednesday in Abuja.IMTOs to only make naira payments to recipients in Nigeria, removing the allowable limit of the foreign exchange rate quoted for such transactions.eligible IMTOs access to trade on the official FX window – thereby allowing the IMTOs to access naira liquidity in the official market.remittances have increased from the $200 million inflow he met.
“With the limitations from other sources of foreign exchange, we took it upon ourselves to engage with the IMTOs,” Cardoso said.“When I was in Washington for the spring meetings, I called the different IMTOs and let them feel it from different parts of the world. And we engaged them extensively and understood what the problems were.
“I would say that when we started, the volumes that were going through the remittances were in the region of maybe about $200 million and as at the end of last month, we were almost $600 million.” Cardoso also said the apex bank under his leadership is focused on issues related to FX forward contracts, price stability, restoring its credibility, and trust as a monetary policy-driven institution based on strong orthodoxy principles.‘He died barely 20 seconds after prayer’ — ex-senator Zwingina’s son recounts last moments with father
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