The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates that international money transfer operators are allowed to quote. The central bank said the policy change is an effort aimed at further liberalizing the foreign exchange market. The naira’s Feb.1 gain versus major currencies has been attributed to the CBN’s removal of “allowable limits.”
The Nigerian Foreign Exchange Market and the Volatile Naira
On Jan. 31, the Central Bank of Nigeria (CBN) said it had removed the caps on naira exchange rates that international money transfer operators (IMTOs) are allowed to quote. Before this change, IMTOs were compelled to quote rates not exceeding the previous day’s exchange rate by more than 2.5%.
With this new policy adjustment, which supersedes a CBN circular issued on Sept. 13, 2023, IMTOs are now permitted to provide naira payout rates based on the prevailing exchange rate. The central bank’s decision comes amidst ongoing discussions abo
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