The Central Bank of Nigeria (CBN) on Wednesday said that it has granted Approval-in-Principle (AIP) to 14 new International Money Transfer Operators (IMTOs) to enhance remittances.
Remittances, which involve transferring funds from overseas to families or individuals within the country, form a substantial part of Nigeria’s foreign exchange inflows. They are crucial for maintaining economic stability and fostering growth.
According to a statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, the approval aims to strengthen the flow of foreign currency into the country through official channels.
