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Forex crisis: Why we granted 14 IMTOs approval on FX remittance

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CBN News

Forex Crisis

The Central Bank of Nigeria (CBN) has said that it has granted 14 new International Money Transfer Operators, IMTOs Approval-in-Principle (AIP) to double foreign-currency remittance inflows through formal channels amid foreign currency crisis.

The Central Bank of Nigeria has said that it has granted 14 new International Money Transfer Operators, IMTOs Approval-in-Principle to double foreign-currency remittance inflows through formal channels amid foreign currency crisis. Hakama Sidi Ali, CBN ’s Acting Director of Corporate Communications, disclosed this in a statement on Wednesday.

CBN’s thinking is that increasing formal remittance flows, which are one of the major sources of foreign exchange and account for over 6 per cent of gross domestic product, would help ease the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

Forex Crisis

 

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