…removal of fuel subsidy, multiple FX cost Nigeria 6% of GDP …exchange gap significantly narrowed to approximately 4-5% Olayemi Cardoso, read more CBN to boost remittances from Nigerian diasporans in Middle East
The Central Bank of Nigeria (CBN) aims to enhance remittances from Nigerians in the Middle East. Governor Olayemi Cardoso emphasized strengthening economic ties with the region's diaspora and highlighted reforms that have narrowed the exchange gap from 60% to 4-5%. These include an electronic matching system and a foreign exchange code of ethics. The CBN also collaborates with the Saudi Central Bank and focuses on financial sector reforms, such as bank recapitalization, to ensure macroeconomic stability and long-term resilience.
