February 2, 2024/CBN
The Central Bank of Nigeria in September 26, 2014 issued the guidelines for International money transfer services in Nigeria which provided a framework for the licensing and operations of International Money Transfer Operators (IMTOs) In Nigeria.
Following recent reforms to:
|. Liberalize the foreign exchange market and ensure transparency in foreign exchange market transactions
ll. Bocst diaspora remittances and other foreign capital inflows to Nigeria.
ll. Promote efficient price discovery mechanisms and the evolution of an appropriate market determined exchange rate.
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IV. Enhance the ease-of-doing business for International Money Transfer Operators (IMTOs) in Nigeria and money transfer recipients.
The CBN hereby releases the revised guidelines for International Money Transfer Services in Nigeria.
The reviewed guidelines are attached to this circular.
Authorized Dealers, International Money Transfer Operators and the General Public are hereby informed to note and comply accordingly.
