“Naira Liquidity Now Available for IMTOs: CBN
The Central Bank of Nigeria (CBN) has introduced a new window for International Money Transfer Operators (IMTOs) to access naira liquidity, ensuring timely settlement of diaspora remittances. In a circular signed by Acting Director of Trade and Exchange, Dr. W.J. Kanya, the CBN stated that eligible IMTOs can now access naira liquidity directly through the CBN or via Authorized Dealer Banks (ADBS). This initiative aims to enhance local currency liquidity and streamline remittance flows. Compliance rules include same-day settlement for transactions confirmed before noon, pricing based on Nigeria Autonomous Foreign Exchange Market rates, and mandatory daily regulatory returns. All licensed IMTOs must confirm partner banks and provide standard settlement instructions for smooth implementation.
