The Central Bank of Nigeria (CBN) has approved in principle 14 additional new international money transfer operators (IMTOs) IMTOs carry out cross-border fund transfer services for individuals and entities residing abroad to beneficiaries in Nigeria.

CBN moves to double diaspora remittances

Approval in principle is a conditional acceptance of a proposal subject to meeting other requirements for final authorisation.

CBN gave the approval following plans to boost foreign currency remittance flows via formal channels.

Reports say, CBN’s acting director of corporate communications, Hakama Sidi Ali, disclosed this in Abuja on Wednesday, May 15, 2024.

She stated that the approval will increase the sustained foreign exchange supply in the official market by promoting greater competition and creativity among the operators to lower the cost of remittance transactions and boost financial inclusion.

She said: “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.”