JUST IN: CBN removes exchange rate cap for International Money Transfer Operators

JUST IN: CBN denies any plans to redenominate the naira

The Central Bank of Nigeria (CBN) has published a new circular, which removes the existing limit on currency rates set by International Money Transfer Operators.

The circular titled Removal of Allowable Limit of Exchange Rate Quoted by International Money Transfer Operators, issued September 13, 2023, represents a shift in Nigeria’s foreign exchange regulation toward greater liberalization.

  • “The circular with reference TED/FEM/PUB/FPC/001/009 dated September 13, 2023 states that International Money Transfer Operators are required to quote rates within an allowable limit of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market.
  • However, in line with the CBN’s commitment to liberalize the Nigerian Foreign Exchange Market, IMTOs are hereby allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller, willing buyer basis.” CBN

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