2024-01-31 | TED/FEM/FPC/GEN/001/003

Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operators

The Central Bank of Nigeria (CBN) has removed the allowable limit of exchange rates quoted by International Money Transfer Operators (IMTOs). IMTOs are now allowed to quote exchange rates for naira payouts based on the prevailing market rates at the Nigerian Foreign Exchange Market. This new directive supersedes the previous circular dated September 13, 2023, which imposed a 2.5% cap on exchange rate fluctuations.

Nigeria

Central Bank of Nigeria

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