Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year.
This was revealed in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, which was recently published on its website.
According to the data, in January, the IMTOs recorded inflows worth $383.04m, it dropped in February to $322.83m and returned upward in March to $363.70m.
When compared with the last quarter of 2023, the inflows from IMTOs grew by 10.74 per cent. Recently, the apex bank revealed that it had granted approvals in principle to 14 new IMTOs to help increase the sustained supply of foreign exchange in the official market.
The CBN Governor, Dr Olayemi Cardoso, said that the recent approval of licenses for 14 IMTOs was expected to improve competition and lower the cost of transactions, thus attracting more remittances through formal channels.
