CBN relaxes restrictions on fx rates quoted by IMTOs
The Central Bank of Nigeria (CBN) has removed the allowable exchange rate limit quoted by the International Money Transfer Operators (IMTOs).
This is according to a circular signed by Hassan Mahmud, the CBN’s director of trade and exchange department, addressed to IMTOs and the general public.
According to Mr Mahmud, the directive is in line with the CBN’s commitment to liberalise the Nigerian foreign exchange market.
“IMTOs are hereby 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.
“For the avoidance of doubt, by this circular, the cap on allowable limit of -2.5 per cent to +2.5 per cent around the previous day’s closing rate of the Nigerian Foreign Exchange Market is hereby removed.
“Authorised dealers, IMTOs and the general public are hereby informed to note and comply accordingly,” he said.
CBN had earlier directed banks to sell their excess dollar stock to stabilise the exchange rate.
The CBN also cautioned the banks against hoarding excess foreign currencies for profit.
Meanwhile, bureaux de change in Abuja observed a “no sales” policy on Thursday due to acute scarcity of foreign exchange.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Police arraign Ibadan man for receiving stolen car
The defendant pleaded not guilty to the charge.
States
FRSC deploys 65 personnel for Bauchi rerun election
FRSC has deployed 65 personnel to ensure orderliness during the February 3 election rerun in Bauchi.
NationWide
NNPP cautions against dealing with expelled party members
The New Nigeria People’s Party (NNPP) has cautioned against dealing with its expelled members, parading themselves as national executives.
Diaspora
U.S. Bureau of Prisons to probe Hushpuppi over viral feast at Fort Dix facility
“We take these matters seriously,” the prison facility told Peoples Gazette.
Abuja
Assembly Complex Arson: Court rejects Fubara’s chief of staff Ehie’s plea to stop criminal charge against him
Justice Bolaji Olajuwon, in a ruling, held that Mr Ehie, having not been joined as a defendant in the charge, lacked the legal right to make such a plea.
World
Power outage in Ukraine after Russian drone attacks
Russia once again hit Ukraine with drone strikes early on Friday, causing a major power outage in the industrial city of Kryvyi Rih, President Volodymyr Zelensky’s birthplace.
