The Central Bank of Nigeria has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle.

This was disclosed by the Bank’s Acting Director of Corporate Communications, HAKAMA SIDI ALI in Abuja.

ALI stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation among IMTOs to lower the cost of remittance transactions and boost financial inclusion.

She added that it will drive liquidity in Nigeria’s Autonomous Foreign Exchange Market, enhancing price discovery to enable a market-driven fair value for the naira.