Nairagram Joins CBN, Banks to Tackle FX Crisis

naira to dollar

In a significant development aimed at tackling the foreign exchange liquidity crisis in Nigeria, Nairagram, a licensed International Money Transfer Operator, has announced its collaboration with the Central Bank of Nigeria (CBN), Sebastian BDC, and Keystone Bank. The partnership, revealed in a statement released on Tuesday, outlines a strategic initiative to bolster international payment services and promote financial connectivity within and beyond Nigeria.

The statement issued by Nairagram stated, “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.”

ALSO READ  Obi, Others Lose as FCT Minister, Wike Revokes 165 Plots

The initiative goes beyond just a conventional money transfer service, signifying Nairagram’s unwavering commitment to innovation that strengthens bonds of kinship, fosters community growth, and drives wealth creation through seamless remittances overseas. Additionally, it underscores the brand’s dedication to facilitating African success stories, transcending borders, and creating opportunities for financial inclusion.

One of the key highlights of this international payment service is its promise of ensuring smooth money transfers from Nigeria to various African 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.

ALSO READ  Fr. Mbaka Urges Politicians: Donate or Avoid My Bazaar

The statement further elaborated on the service’s potential, saying, “By offering a direct and reliable link between senders and recipients, Nairagram empowers people to impact positively across borders. 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.”

Nairagram’s new international payment service is poised to revolutionize the money transfer industry, not only within Africa but also beyond its borders. Furthermore, it has been revealed that the service will soon be extended to the United States, the United Kingdom, the United Arab Emirates, and Turkey in the coming months.

ALSO READ  Just In: Fuel To Be N900/litre - Marketers

This announcement comes at a time when the newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed his commitment to addressing the forex crisis by prioritizing the clearance of the apex bank’s backlog of unsettled foreign exchange obligations.

Nairagram’s strategic partnership with CBN, Sebastian BDC, and Keystone Bank promises to be a game-changer in the realm of international money transfers, offering Nigerians and Africans a more efficient and accessible way to engage in cross-border financial transactions. As it expands its reach both within and outside Africa, it sets a positive trajectory for the country’s financial landscape, fostering economic growth and financial inclusion.