CBN licensed firm’s strategy to address forex liquidity crisis unveiled

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CBN delays monetary policy committee meeting again amid inflation surge
CBN delays monetary policy committee meeting again amid inflation surge

Nairagram, a licensed International Money Transfer Operator, has announced its strategic partnership with the Central Bank of Nigeria, Sebastian BDC, and Keystone Bank to combat the ongoing foreign exchange liquidity challenges in Nigeria.

In an official statement released on Tuesday, the company revealed its plans to launch an international payment service initiative aimed at bolstering financial connectivity.

New international payment service

The statement explained, “In cooperation with the Central Bank of Nigeria and in conjunction with Sebastian BDC and Keystone Bank, this service seeks to tackle FX liquidity issues in the country by simplifying and improving the process of sending money from Nigeria worldwide, thereby promoting financial empowerment for Nigerians.”

Nairagram’s new international payment service represents the company’s strong commitment to innovative solutions that facilitate familial bonds, build communities, and drive wealth creation through hassle-free global remittances.

It goes beyond being a mere money transfer service and signifies the brand’s dedication to advancing African success stories, fostering economic growth across borders, and enhancing financial inclusion opportunities.

This international payment service is set to facilitate smooth transfers from Nigeria to a multitude of countries, including Ghana, Senegal, Gambia, Kenya, Cameroon, Ivory Coast, Mozambique, Tanzania, Uganda, Zambia, Zimbabwe, Guinea Conakry, Rwanda, Congo DRC, Burkina Faso, Mali, Benin, Togo, Gabon, Ethiopia, and many more.

The statement also noted, “By establishing a direct and reliable connection between senders and recipients, Nairagram empowers individuals to make positive impacts across borders.

Therefore, this expansion, in partnership with the CBN, marks a significant stride in Nairagram’s mission to offer innovative and seamless financial solutions tailored to the unique requirements of Nigerians.”

It was disclosed that the service would soon extend its reach to the United States, the United Kingdom, the United Arab Emirates, and Turkey in the upcoming months.

In a related development, during the Senate’s screening session for the new Governor of the Central Bank of Nigeria, Olayemi Cardoso, he emphasized his commitment to addressing the apex bank’s backlog of unsettled foreign exchange obligations as a top priority, aiming to resolve the country’s ongoing forex crisis in the near term.