Lagos - The Central Bank of Nigeria (CBN) and Western Union have partnered to introduce a new money transfer service to enable locals send money abroad.
The outbound money transfer service will enable Nigerians to send up to $20 000 to their relatives abroad.
According to the partners, the service is now ready for launch.
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It was established CBN Governor, Godwin Emefiele, would preside over the launch on Friday.
It is envisaged that the service, which is one of the key initiatives by the new CBN governor, would provide Nigerians the opportunity to empower their dependents abroad.
With this new arrangement, Nigerians will only pay the Naira equivalent to the money transfer service operators for foreign currency disbursements to recipients abroad.
- CAJ News