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The Central Bank of Nigeria , on Monday, issued new measures it is currently putting in place, to boost naira liquidity and raise diaspora remittances.According to its latest circular, the apex bank said eligible International Money Transfer Operators , will now have access to naira liquidity through the bank’s window. This initiative is designed to widen access to local currency liquidity, ensuring smoother and more efficient settlement processes for remittances, the CBN said.
According to the circular, all participants are required to submit daily regulatory returns to the CBN. These returns must include all relevant information on the sources of funds.Advertisement It also said pricing on the CBN portal will mirror the NAFEX traded rates, which are based on an acceptable market benchmark.
The circular emphasised that these measures are effective immediately, highlighting the bank’s commitment to maintaining the smooth functioning of the foreign exchange market and improving formal remittance channels.
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