Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/003
Title: Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operators
Summary: The Central Bank of Nigeria has issued a circular to all authorized dealers, IMTOs, and the general public stating that the allowable limit of exchange rate quoted by International Money Transfer Operators (IMTOs) has been removed. IMTOs are now allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller, willing buyer basis. This circular supersedes the previous circular that stated the allowable limit of -2.5% to +2.5% around the previous day's closing rate of the Nigerian Foreign Exchange Market.
Posted on: Wednesday, January 31, 2024
Download: TED/FEM/FPC/GEN/001/003