CBN to license 20 more money transfer operators

CBN to license 20 more money transfer operators

- in Business, Naija News
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The Central Bank of Nigeria (CBN) will, in the coming weeks, license 20 new International Money Transfer Operators (IMTOs) to handle an estimated $21 billion annual Diaspora remittances into the country, The Nation learnt yesterday.
The apex bank, the industry sources said, decided to enlarge the number of IMTO operators after it discovered the positive impact their operations were having on its commitment to stabilise the exchange rate.
President, Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe said the liberalisation of the foreign exchange market and previous licensing of more IMTOs, had  helped to narrow the gap between official and parallel market rates.
He said the CBN increased the rate at which funds can be bought from the IMTOs, which was at N375 to a dollar last week, to N381 this week.
He said: “The CBN’s policy on IMTOs and Diaspora remittances is working. By increasing the rate at which dollars are bought from the IMTOs, more Nigerians in Diaspora are now sending more dollars home.
“I believe the attractive rate the CBN is paying IMTOs will boost Diaspora cash inflow into the country and will force the dollar rates against the naira down,” Gwadabe added.
The CBN had in August 31, licensed 11 IMTOs. The new entrants joined Western Union, MoneyGram and Ria, which were earlier cleared by the CBN.

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