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The Central Bank of Nigeria has issued a fresh directive to eligible International Money Transfer Operators, IMTOs and all Banks to boost diaspora remittances and enhance local currency liquidity.
The apex bank disclosed this in a new circular signed by W. Kanya, the acting Director of the Trade and Exchange Department on Monday.
CBN said the circular which is to take effect immediately would enable eligible IMTOs to access Naira liquidity.
The implication is that eligible IMTOs will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBs) to execute transactions for the sale of foreign exchange in the market.
“As part of CBN’s commitment to the smooth functioning of the foreign exchange markets and enabling greater remittance flows through formal channels, the Bank has implemented measures that will enable eligible International Money Transfer Operators (IMTOs) access
Naira (NGN) liquidity through the CBN.
“These measures are aimed at widening access to local currency liquidity for the timely settlement of diaspora remittances”.
The development comes amid the continued foreign exchange crisis in Nigeria.
Recall the Naira weakened to N1490 against the Dollar at the official forex market on Monday.
