The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has revealed that the apex bank is dedicated to improving financial and economic inclusion, as well as enhancing the official remittance channels.
As stated in a release on the bank’s website on Monday, Cardoso outlined the achievements, challenges, and future direction for Nigeria’s economic landscape.
Cardoso has been involved in discussions with global policymakers, important stakeholders, and investors.
A notable development was the commitment from top International Money Transfer Operators to boost remittance inflows to Nigeria through official channels, with the aim of doubling them in the near to mid-term future.
The tenure of the CBN governor has been marked by significant challenges such as inflation and fluctuations in the foreign exchange market.
However, the Nigerian naira was the strongest currency globally in April. The foreign exchange market has been very active at a level not seen in the past seven years.
According to Cardoso, this increase in liquidity is fostering confidence among investors and businesses involved in Nigeria’s FX markets, while emphasizing a commitment to conventional monetary strategies.
Cardoso said, “Since assuming office as the Central Bank Governor six months ago, the challenges have been significant, from addressing inflation to managing instability in the foreign exchange market. Nevertheless, with the FX market now relatively stable, we have shifted our focus from emergency interventions to strategic planning in crucial sectors.
“These sectors include improving the ease of doing business in Nigeria, maintaining our successes through an effective and transparent market, and enhancing financial and economic inclusion for small businesses and households. We are exploring all possible options to use advanced technology and remote banking to lower transaction costs and make financial services more accessible.
Our commitment to traditional monetary policy has been reaffirmed, and it is encouraging to see positive results, particularly in terms of rebuilding trust and confidence in our economy and its leaders.”
The CBN governor praised the productive series of interactions with “our respected international policy counterparts and stakeholders, as well as with Nigerian investors. We came with a clear plan and engaged in meaningful, purposeful meetings – each aimed at further bolstering the stability and potential growth of the Nigerian economy.
“In addition to our sessions with multilateral financial bodies and foreign investor groups interested in Nigeria’s progress, including an important meeting at the US Chamber of Commerce, we had constructive talks with leading International Money Transfer Operators. Together, we have committed to doubling the remittances sent through official channels to Nigeria in the short to medium term.”
He further stated that “this ambitious yet achievable goal is being pursued immediately, with the establishment of a collaborative task force, which I will lead, to expedite progress and remove any barriers to formal remittance channels.”
