CBN ON IMTOs TRANSACTION

The Central Bank has implemented a significant change in the regulatory landscape for international money transfer
 operators (IMTOs). The recent policy directive, released on January 31, 2024, restricts IMTOs to facilitating
only inbound transfers, thereby halting outbound money transfers from Nigeria to other countries. This marks
 a departure from the 2014 guidelines that permitted IMTOs to engage in both inbound and outbound international
money transfer transactions. The revised policy is expected to spark discussions and potentially influence market
 dynamics in the foreign exchange and remittance services sector.

The Central Bank’s directive to restrict international money transfer operators (IMTOs) to inbound transfers only
 has raised concerns and discussions within the financial sector. This policy shift, introduced through revised
 guidelines on January 31, 2024, is a departure from the 2014 regulations that permitted IMTOs to handle both
inbound and outbound international money transfers. The implications of this decision are expected to reverberate
 across the market, influencing dynamics in foreign exchange and remittance services. The move is likely to prompt
 further analysis and conversations within the financial community regarding its potential impact on the broader
economic landscape.