A policy shift designed to improve remittance inflow and foreign exchange liquidity within the official market was yesterday announced by the Central Bank ofThe adjustment allows eligible International Money Transfer Operators to sell foreign exchange directly on the Nigerian Autonomous Foreign Exchange Market .
By allowing IMTOs to sell foreign exchange on the NAFEM Window, the CBN hopes to increase the overall FX supply in the official market.The CBN circular established guidelines for these transactions.• Transactions confirmed before noon will be settled on the same day to ensure faster access to naira for remittance beneficiaries;
Other measures introduced previously by the bank include the establishment of a task force with IMTOs to develop strategies for doubling remittance inflows. The CBN boss attributed the progress to the decisive actions taken by the apex bank, emphasising the Monetary Policy Committee’s commitment to deploying all necessary measures to curb inflation and maintain currency stability.
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