Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on commercial banks to take full ownership of diaspora-focused financial products and services.
He also urged them to play a more proactive role in reducing the high cost of remittances into the country, describing the average 7 percent remittance fee to Nigeria as “unacceptable.”
The apex bank Chief said lowering these costs is critical to unlocking the full economic potential of diaspora inflows and enhancing financial inclusion.
He gave the charge while responding to questions from journalists on Tuesday in Abuja during the post-Monetary Policy Committee (MPC) media briefing.
Cardoso cited the figure as a major barrier to trust in Nigeria’s financial system and a limiting factor in mobilising diaspora funds for national development.
“This is something I felt so strongly about that I had to raise it directly with the President of the World Bank during the last Spring Meetings. We are now actively exploring collaborative solutions to bring these costs down,” he stated.
