Facing FX crisis, Nigeria’s Central Bank lifts exchange rate restrictions for IMTOs
In a move to further liberalize the Nigerian foreign exchange market, the Central Bank of Nigeria on Wednesday lifted exchange rate restrictions for International Money Transfer Operators (IMTOs).
The restriction was previously announced in a circular dated 13 September 2023, with reference TED/FEM/PUB/FPC/001/009, announcing a significant shift in the regulation of exchange rates by IMTOs.
The circular initially mandated IMTOs to quote rates within an allowable limit of -2.5 percent to +2.5 percent around the…