Market News
Cardoso Sees Nigeria Remittances Rising to $12 Billion: Thisday - BLOOMBERG
(Bloomberg) -- Nigeria’s central bank Governor Olayemi Cardoso said the country was confident of attracting $1 billion in monthly remittances from overseas citizens, according to Thisday newspaper.
Cardoso said the bank had addressed previous concerns raised by international money transfer operators and also introduced other banking products, which he was “confident” would help in “increasing the inflows to $1 billion monthly,” the newspaper said.
The West African nation’s central bank governor spoke on Saturday at an engagement with Nigerians in the diaspora, at the end of the International Monetary Fund and the World Bank Annual Meetings in Washington.
“In the earlier stages of the reforms, IMTOs were having issues transferring money back to Nigeria, and we felt it was important to engage them,” Cardoso said, adding that resolving outstanding issues has led to monthly inflows reaching $600 million in September from $250 million in April.
