IMTOs Facilitate Billion Forex Inflow In Three Months, CBN Reveals

IMTOs Facilitate Billion Forex Inflow In Three Months, CBN Reveals

Foreign exchange inflows from International Money Transfer Operators (IMTOs) surged by 38.86% to $1.07 billion during the first quarter of 2024, up from $770.23 million in the same period the previous year. This data, published in the Central Bank of Nigeria’s quarterly statistical bulletin, highlights fluctuations in monthly inflows: January saw $383.04 million, dipping to $322.83 million in February, and rising to $363.70 million in March……. CONTINUE READING

Comparing to Q4 of 2023, IMTO inflows grew by 10.74%. Recently, the CBN granted preliminary approvals to 14 new IMTOs, aiming to bolster forex supply in the official market. Governor Dr. Olayemi Cardoso emphasized that these approvals would enhance competition, reduce transaction costs, and attract more remittances through formal channels.

Moreover, eligible IMTOs can now access the official forex window for naira liquidity, facilitating prompt settlement of diaspora remittances. This directive, effective immediately, underscores the CBN’s efforts to broaden access to local currency liquidity for diaspora transactions.