The unified foreign exchange regulation has had the anticipated outcomes, with remittances through International Money Transfer Operators reaching $4.18 billion in the first three quarters of 2024, compared to $2.33 billion in the same period in 2023.
Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), stated this at the Monetary Policy Stakeholders Forum in Abuja this afternoon. According to him, “In addition to monetary policy, the bank implemented essential reforms to improve the financial sector and ensure macroeconomic stability: “Combined numerous exchange rate windows to improve FX market efficiency.
“This reform yielded tangible results, with remittances through International Money Transfer Operators (IMTOs) rising 79.4 percent in the first three quarters of 2024 to US$4.18 billion, compared to US$2.33 billion in the same period of 2023.”
The speaker referred to the conference as “a focused platform for rigorous intellectual discourse, providing an opportunity to examine monetary policy formulation, implementation, and outcomes,” stating: “Unlike broader economic conferences, our discussions here are designed to address monetary policy challenges with precision, offering evidence-based insights to enhance policy effectiveness.”
