The Central Bank of Nigeria (CBN) has restricted the operations of international money transfer operators (IMTOs) to only inbound transfers, stopping outbound transfers.
The new guidelines issued by the Central Bank of Nigeria (CBN) on International Money Transfer Operators' (IMTO) operations have created uncertainty over the status of Flutterwave, Interswitch, and a few other fintechs licensed to provide international money transfer services.
Nigerian fintech unicorn, Flutterwave, has obtained an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi to facilitate international remittances in the country.
Following CBN's policy, WorldRemit was the first digital service to offer its customers the option of USD cash pickup in Nigeria.
The exchange rate between the naira and the dollar depreciated closing at N394.50/$1 at the NAFEX Window.
The Central Bank of Nigeria has issued additional guidelines for diaspora remittances in the country
The CBN Governor has disclosed the reason the apex bank amended the procedures for receipt of diaspora remittances into the country.
CBN issues update on how dollar transfers from friends and family living abroad should be paid
