Washington D.C., Oct. 27, 2024 – Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), says Nigeria is committed to growing its monthly foreign remittances inflow to $1 billion within the shortest possible period.
Cardoso told journalists in Washington D.C. on Saturday that this was the main issue of discussion during a meeting with Intranational Money Transfer Operators (IMTO) on the sideline of the ongoing Annual Meetings of the IMF and World Bank.
“Our team held productive discussions with leading IMTO when they collectively committed to growing remittance flow to $1 billion monthly through formal channels into Nigeria.
“This target is both ambitious and achievable and we are fully committed to mobilizing resources to reinforce the collaborative task force which I’m leading at the bank.
“The team is focused on driving progress by identifying and resolving any bottleneck that hinders remittance flow through the formal channels into Nigeria,” he said.
Cardoso also said the apex bank was also working earnestly toward the removal of the country from the grey list of the Financial Action Task Force (FATF).
Nigeria was added to the grey list of FATF in February 2023.
Countries listed on the FATF grey list have deficiencies in their anti-money laundering, terrorist financing, and proliferation financing regimes.
Cardoso said the removal of Nigeria from the list was top on the agenda of the CBN in its recent engagements with the highest level of authority on this. (GBN)
