•Move to boost access, strengthen local currency
•Provides option for same day settlement
• Cardoso: CBN will adhere to conventional methods to tame inflation
•Optimistic on achieving price stability
James Emejo in Abuja
The Central Bank of Nigeria (CBN) yesterday directed Deposit Money Banks (DMBs) and International Money Transfer Operators (IMTOS) to pay all diaspora remittances in Naira and match with the corresponding foreign currency inflows going forward.
This was as the CBN Governor, Mr. Olayemi Cardoso, yesterday reaffirmed the determination of the Monetary Policy Committee (MPC) to subdue inflationary concerns through conventional methods.
The central bank disclosed its directive to all DMBs and IMTOS to pay all diaspora remittances in Naira in a circular dated June 24, 2024, that was signed by the CBN acting Director, Trade & Exchange Department, Dr. W. J. Him, which was addressed to all DMBs and IMTOS.
The apex bank…
Source: Thisday Newspaper
