Data released by the Central Bank of Nigeria (CBN) showed that Inflows through International Money Transfer Operators (IMTOs) grew by 47 per cent to $2.33 billion in the first six months of 2024 from $1.58 billion in the same period of 2023.
This is coming at a time the CBN implemented policy measures that permits eligible IMTOs access to Naira liquidity at the official foreign exchange window. Not long ago, the CBN instituted some policy measures to make the forex markets more efficient and increase remittance flows through formal channels.
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 the 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.
