CBN’s licensed company intends to address the FX liquidity situation

The Central Bank of Nigeria, Sebastian BDC, and Keystone Bank are working together with Nairagram, an authorized international money transfer operator, to address the country’s foreign exchange liquidity crisis.

According to a statement the business issued our correspondent on Tuesday, this was the case.

The company intends to launch an international payment service project to improve financial connectivity, claims the statement.

According to the statement, “This service addresses FX liquidity challenges in the country by streamlining and improving the process of sending money from Nigeria globally, thereby promoting financial empowerment for Nigerians. It was developed in collaboration with the Central Bank of Nigeria and in partnership with Sebastian BDC and Keystone Bank.

“This new international payment service represents Nairagram’s constant dedication to innovation that strengthens family ties, promotes community, and fuels wealth development through hassle-free remittance abroad.

More than merely a money transfer service is represented by it. It stands for the company’s dedication to African success stories that strengthen African economies, cross international boundaries, and open doors for financial inclusion.

A seamless transfer of funds from Nigeria to Ghana, Senegal, Gambia, Kenya, Cameroon, Ivory Coast, Mozambique, Tanzania, Uganda, Zambia, Zimbabwe, Guinea Conakry, Rwanda, Congo DRC, Burkina Faso, Mali, Benin, Togo, Gabon, and Ethiopia is anticipated thanks to the international payment service.

The statement said, “Nairagram empowers people to have a beneficial impact across boundaries by providing a direct and dependable relationship between senders and recipients. Therefore, this development, in collaboration with the CBN, marks a significant advancement in Nairagram’s objective to offer cutting-edge and smooth financial solutions suited to the specific requirements of Nigerians.

“The new international payment service for the Nigerian market promises to revolutionize the money transfer industry, both within and outside of Africa.”

The service would soon be made available in the USA, UK, UAE, and Turkey, it was also revealed.

Olayemi Cardoso, the new governor of the Central Bank of Nigeria, stated at the screening session for senators that he would prioritize paying off the central bank’s backlog of unpaid foreign exchange obligations in the near future in an effort to end the nation’s FX problem.