Foreign exchange inflows from International Money Transfer Operators (IMTOs) increased by 38.86 percent to $1.07 billion in the first quarter of 2024, up from $770.23 million in the same period the previous year.
This data, revealed in the Central Bank of Nigeria’s (CBN) quarterly statistical bulletin, showed fluctuations in monthly inflows with $383.04 million in January, a dip to $322.83 million in February, and a rise to $363.70 million in March.
The CBN has granted approvals-in-principle to 14 new IMTOs to boost foreign exchange supply in the official market. CBN Governor, Dr. Olayemi Cardoso, stated that this move aims to improve competition, lower transaction costs, and attract more remittances through formal channels.
He highlighted that remittances represent about six percent of Nigeria’s GDP and are crucial for economic inflows.
Additionally, the CBN announced that eligible IMTOs will now have access to the official window to sell foreign exchange, facilitating timely settlement of diaspora remittances.
This measure, effective immediately, aims to widen access to naira liquidity and enable smoother execution of foreign exchange transactions by IMTOs through authorized dealer banks.