By Oluwaseyi Adeniran
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Central Bank of Nigeria Governor, Yemi Cardoso, Announces Initiative to Boost Diaspora Remittances
In a meeting with the Nigerian community in Washington DC, Central Bank of Nigeria (CBN) Governor Yemi Cardoso unveiled an initiative aimed at enhancing Diaspora remittances and facilitating Nigerians abroad to participate more actively in the country’s economy. This initiative, driven by the Nigerian Inter-Bank Settlement System (NIBBS), seeks to address the challenges faced by Nigerians overseas in operating accounts and conducting business in their home country.
“As far as we are concerned, it is totally unacceptable that you should be out here and be having hassles in operating your accounts or doing business in your original country,” Cardoso emphasized.
Cardoso also met with international investors, providing insight into the current monetary policy reforms and encouraging them to capitalize on Nigeria’s attractive economic environment. This move is part of the CBN’s efforts to stabilize the naira and address inflationary pressures ¹.
The CBN has been working to restore stability to the foreign exchange market, having recently introduced measures to address distortions and speculative activity. These efforts have led to a decline in the premium between the official and parallel market exchange rates
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