The Central Bank of Nigeria has announced that eligible International Money Transfer Operators will now have access to the official window to sell foreign exchange.
In a circular signed by the acting Director of the Trade and Exchange Department, W.J Kanya, the apex bank said that the measure which was effective immediately, would enable IMTOs to access naira liquidity at the official window, thus, enabling timely settlement of diaspora remittances.
The apex noted, “The bank has implemented measures that will enable eligible International Money Transfer Operators to access NGN liquidity at the CBN window. These measures are aimed at widening access to local currency liquidity for the settlement of diaspora remittances. Therefore, eligible IMTO operators will be able to access the CBN window directly or through their authorised dealer banks to execute transactions for the sale of foreign exchange in the market.”
It added that the option of same-day settlement would be available for transactions executed and confirmed before noon on a trading date.
