What CBN’s new policy on diaspora remittances means for naira to dollar exchange — Gwadabe

The president of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, has thrown his value down the Central Bank of Nigeria’s caller argumentation connected diaspora remittances.

Recall that the apex slope mandated International Money Transfer Operators to way transactions done designated Naira colony accounts.

CBN besides directed IMTOs to entree Bloomberg BMatch erstwhile pricing transactions to amended terms recovery.

Reacting successful a connection to DAILY POST connected Saturday, Gwadabe described the caller measures arsenic a large measurement toward liberalizing and democratizing the remittance market, noting that the reforms would amended transparency and fortify regulatory oversight.

According to him, the argumentation would code long-standing issues of diversion and under-reporting of diaspora inflows, bringing specified transactions nether stricter monitoring by the apex bank.

He further highlighted the determination to assistance International Money Transfer Operators (IMTSOs) entree to the Bloomberg B-Match trading platform, saying it would destruct bottlenecks, exclusivity, and monopolistic tendencies antecedently associated with remittance proceeds.

Gwadabe besides praised the instauration of Nigerian colony accounts for IMTSOs to beryllium domiciled with authorized trader banks. He said the determination would make a centralized model ...