CBN Activates Plan to Double Foreign Remittance The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP). Mrs. Hakama Sidi Ali, the Director of Corporate Communications disclosed this...

Nigeria Records $282m Diaspora remittances in Q1 2024 – CBN Nigeria recorded $282.61 million as total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024. This is according to data obtained from the website of the Central Bank of Nigeria (CBN) on May...

‘Remittance Task Force’ to Operate Under Cardoso’s Direct Supervision - CBN The Central Bank of Nigeria (CBN) has announced the formation of a “Remittance Task Force,” a specialized team dedicated to overseeing remittances and ensuring their smooth operation. The Governor of the CBN, Yemi Cardoso, made...

Central Bank of Nigeria, CBN, has reaffirm its determination to sustain the resurgence of the Naira via continuous provision of foreign exchange to ensure Naira gains further strength as well as been available to end users. This is as the apex bank reiterated that...

The Central Bank of Nigeria has released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The...

The Central Bank of Nigeria (CBN) has warned Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria. In a release by the Spokesperson of CBN, Isaac Okorafor, it said the warning became necessary...