Abuja, June 25, 2024 – The Central Bank of Nigeria (CBN) has now allowed International Money Transfer Operators (IMTOs) to access naira at the official foreign exchange window.
The apex bank has issued a circular to this which takes immediate effect.
The step is to facilitate more inflow of foreign exchange into the official segment of the foreign exchange market.
The circular reads: “As part of CBN’s commitment to the smooth functioning of the foreign exchange markets and enabling greater remittance flows through formal channels, the Bank has implemented measures that will enable eligible International Money Transfer Operators (IMTOS) access Naira (NGN) liquidity through the CBN.
“These measures are aimed at widening access to local currency liquidity for the timely settlement of diaspora remittances.
“Henceforth, eligible IMTO operators will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBS) to execute transactions for the sale of foreign exchange in the market.” (GBN)
