CBN approves 14 new IMTOs to boost remittances

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She emphasised that the addition of these IMTOs will contribute to increasing the availability of foreign exchange in Nigeria’s official market. She said the increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Mr Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria.At Premium Times, we firmly believe in the importance of high-quality journalism.

Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?Mrs Ali said the formation of the task force stemmed directly from an educational session with IMTOs during the World Bank/IMF Spring Meetings in Washington DC, USA, in April.

“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” Mr Cardoso was quoted as saying.

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