The Central Bank of Nigeria has announced that eligible International Money Transfer Operators (IMTO) can now sell foreign exchange on the official window. This move, effective immediately, aims to boost remittance flows through formal channels and enhance forex market efficiency.
The CBN circular states that IMTOs can access Naira liquidity directly or through Authorized Dealer Banks to execute foreign exchange sales in the market.
This decision comes as the official market faces forex liquidity challenges, with recent NAFEM window turnover ranging between $83 million and $390 million.
This initiative follows a similar measure last month allowing International Oil Companies to sell 50% of their repatriated export proceeds to authorized forex dealers.
