The Central Bank of Nigeria (CBN) has reported a 39 percent increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023. This is according to data from the…
By Abdullah Abdulsalam The Central Bank of Nigeria (CBN) has granted International Money transfer operators (IMTOs) access to the naira. The CBN made this known on Tuesday as part of measures to enhance local currency liquidity for the settlement of…
By Matthew Denis A Senior Customs officer while responding to questions at the Public Account Committee of the House of Representatives has slumped and died. The incident which took place during the engagement, which occurred around 1.00 pm on Tuesday,…
The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the licensing of 14 new international money transfer operators would improve competition and increase remittances via formal channels. Cardoso said this during the week at the…
As part of concerted efforts to increase the foreign-currency remittance inflow, the Central Bank of Nigeria (CBN) has granted licenses to 14 new International Money Transfer Operators (IMTOs). The licenses which are Approval-in-Principle (AIP) were disclosed in Abuja on Wednesday…
The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP). This was disclosed in Abuja on Wednesday by the Bank’s Acting Director…
By Sodiq Adelakun The Central Bank of Nigeria (CBN) has recently taken a firm stance against International Money Transfer Operators (IMTOs), cautioning them against engaging in foreign exchange arbitrage within the country. This move comes as the CBN aims to…
Bureau De Change Operators in Nigeria have agreed with the acting CBN Governor that most transfers conducted by the International Money Transfer Operators (IMTOs) have been diverted and are not being tracked. The acting CBN Governor, Folashodun Shonubi, had earlier…
The Central Bank of Nigeria (CBN) has vowed to sanction international money transfer operators (IMTOs) that are still, despite its directive, paying remittances in the local currency, naira. The bank had in December 2020 directed that IMTOs and commercial banks…
