CBN’s licensed firm plans to tackle FX liquidity crisis

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Nairagram, a licensed International Money Transfer Operator, has said it is partnering with the Central Bank of Nigeria, Sebastian BDC, and Keystone Bank to tackle the foreign exchange liquidity crisis in the country.

This was according to a statement from the firm, which was sent to our correspondent on Tuesday.

According to the statement, the firm plans an international payment service initiative to enhance financial connectivity.

The statement read, “In collaboration with the Central Bank of Nigeria and in partnership with Sebastian BDC and Keystone Bank, this service addresses FX liquidity challenges in the country by simplifying and enhancing the process of sending money from Nigeria globally, thus fostering financial empowerment for Nigerians.

“This new international payment service symbolises Nairagram’s unwavering commitment to innovation that enables bonds of kinship, foster community and drives wealth creation through hassle-free remittance overseas.

“It stands for more than just a money transfer service. It represents the brand’s commitment to the African success stories empowering African economies, transcending borders, and creating opportunities for financial inclusion.”

The international payment service is expected to ensure seamless transfers from Nigeria to Ghana, Senegal, Gambia, Kenya, Cameroon, Ivory Coast, Mozambique, Tanzania, Uganda, Zambia, Zimbabwe, Guinea Conakry, Rwanda, Congo DRC, Burkina Faso, Mali, Benin, Togo, Gabon, and Ethiopia and many more.

The statement added, “By offering a direct and reliable link between senders and recipients, Nairagram empowers people to impact across borders positively. Thus, this expansion, in partnership with the CBN, represents a significant step forward in Nairagram’s mission to provide innovative and seamless financial solutions tailored to the unique needs of Nigerians.

“The new international payment service for the Nigerian market promises to revolutionize the money transfer industry, both within and outside Africa.”

It was also disclosed that the service would be extended to the USA, UK, UAE, and Turkey in the coming months.

During the screening session of members of the Senate, the new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term in an attempt to resolve the country’s forex crisis.

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