According to the World Bank's Migration and Remittances Factbook 2016, Nigerians in diaspora remitted a total of $19bn in 2016, making it one of the top six receivers for the period. In Africa, it has the highest estimated remittance as percentage of the Gross Domestic Product (GDP) of nineteen percent during the period, while same remains the second largest source of foreign earnings in the country after the Oil Sector.
On 30th August, 2016, the Central Bank of Nigeria (CBN) issued licenses to eleven International Money Transfer Operators (IMTOs), in addition to the three existing ones, making them fourteen to operate international money transfer business in the country, for effective regulatory oversight.
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