CBN enables IMTOs to sell Forex in official market to stabilize Naira

CBN enables IMTOs to sell Forex in official market to stabilize Naira

Nigeria’s Central Bank (CBN) has announced that International Money Transfer Operators (IMTOs) will now be permitted to sell foreign exchange (forex) on the official market, helping to maintain the naira's relative stability. According to a CBN circular released on Monday, eligible IMTOs can access the CBN window directly or through authorized dealer banks, with transactions based on the prevailing NAFEM rates. The circular emphasized that "all licensed IMTOs are reminded that all diaspora remittances are expected to terminate in Naira and match with the corresponding foreign currency inflows." This initiative is part of the regulator’s ongoing efforts to promote remittance flows through formal channels and diminish the influence of the parallel market. In May, the CBN banned street trading of dollars and significantly increased capital requirements for Bureau de Change operators. The CBN has implemented rigorous reforms to allow the naira to trade freely against the dollar …

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Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel

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