Optimizing Remittance Flows: Central Bank of Nigeria to Participate in High-Level Forum in Houston, Texas

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Oct 19, 2024, 09:16 ET

In collaboration with NIBSS, Nigerian banks, and IMTOs, the CBN seeks to deepen engagement with the Nigerian diaspora community

HOUSTON, Oct. 19, 2024 /PRNewswire/ -- The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), major Nigerian banking institutions, and International Money Transfer Operators (IMTOs), will participate in a pivotal forum titled Optimizing Remittances to Nigeria: A Vision for the Future" in Houston, Texas, on October 20, 2024. This high-level event brings together critical stakeholders in the remittance ecosystem to engage with the Nigerian diaspora community on opportunities to enhance remittance flows and strengthen Nigeria's financial sector.

As part of the CBN's broader engagements alongside the IMF & World Bank Annual Meetings, this forum highlights the Bank's commitment to building stronger financial ties with Nigerians abroad. It is part of a series of engagements the Bank will participate in over the coming months. In an era of bold reforms, the CBN is prioritizing strategies to leverage diaspora remittances as a catalyst for inclusive economic growth, financial inclusion, and overall national development.

Houston, a city renowned for having the largest Nigerian diaspora population in the United States, plays a significant role in shaping remittance inflows to Nigeria. The city's vibrant Nigerian community has contributed immensely to both the local economy in Houston and to Nigeria's economic stability through remittances. As a major contributor to Nigeria's annual remittance inflows, estimated by the World Bank at $20.5 billion over the last decade, the Houston diaspora community serves as a critical partner in Nigeria's economic growth.

The event will feature contributions from senior bank executives, policy discussions on optimizing remittance channels, and practical approaches for further leveraging these flows to support the development of Nigeria. Networking opportunities with key leaders from Nigeria's financial industry will also be available.

"This forum represents a unique opportunity to recognize and enhance the contributions of the Nigerian diaspora, particularly the community in Houston, who continue to play an essential role in shaping our country's economic future," said CBN Governor Olayemi Cardoso. "Through strategic partnerships with key stakeholders such as NIBSS, our banking institutions, and IMTOs, we aim to create a future where remittance flows can be more impactful for both Nigeria and its diaspora."

Partnering institutions include NIBSS, Providus Bank, Fidelity Bank, First City Monument Bank, First Bank of Nigeria, Zenith Bank, and United Bank for Africa.

For further information or participation inquiries, please contact Linda Anukwuem at [email protected].

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SOURCE Central Bank of Nigeria