CBN says new IMTO licences push Nigeria’s remittance inflows to $585 million in August 2024

The Central Bank of Nigeria (CBN) has said that its recent decision to licence more International Money Transfer Operators (IMTOs) has positively impacted remittance inflow into the country leading to a record of $585 million remittance in August 2024.

The CBN Governor, Yemi Cardoso, said this during a press briefing at the end of Tuesday’s 297th Monetary Policy Committee (MPC) meeting in Abuja.

IMTOs are organizations licensed to facilitate cross-border fund transfer services for individuals and entities residing abroad to recipients in Nigeria.

Read more at Nairametrics

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