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The Central Bank of Nigeria has mandated International Money Transfer Operators to establish naira settlement accounts with authorized banks. This initiative is aimed at improving transparency, traceability, and efficiency in remittance flows within Nigeria's foreign exchange market.
Nigeria's housing market is under scrutiny due to a significant deficit in housing units, prompting experts to seek innovative financial solutions. The Diaspora Mortgage Loan initiative aims to harness remittances from Nigerians overseas to facilitate homeownership back home.
The Central Bank of Nigeria is setting its sights on achieving $1 billion in monthly remittance inflows as current figures average around $600 million. This strategy follows a series of reforms designed to enhance inflow channels.
![The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]](https://api.sentineldigest.com/api/proxy-image/?url=https%3A%2F%2Fi0.wp.com%2Fmedia.premiumtimesng.com%2Fwp-content%2Ffiles%2F2022%2F01%2F20200913_161409-scaled-e1652250793565.jpg%3Ffit%3D2387%252C1702%26amp%3Bssl%3D1)