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CBN Removes Exchange Rate Cap for Money Transfer Operators

CBN s Move To Restore Confidence, Boost Forex Liquidity

Fresh move by CBN to float Naira sparks concerns in Nigeria s forex market

Nigerian Central Bank Bans Banks, Fintechs From International Money Transfer Services, Hikes Application Fee By 1,900%

The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs) from international money transfer services.   The apex bank announced the new development in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024. According to the document published on its website, Nigeria's bankers bank excluded individuals from the management of banks, shareholders, and officers of a bank.  

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