Inflows through IMTOs surge by 63.7% in nine months on CBN reforms 

The Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin has revealed a significant 63.7% increase in international money transfer operator (IMTO) inflows for the first nine months of 2024.

Inflows rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024.

This growth has been largely attributed to a series of targeted reforms introduced under the leadership of Governor Olayemi Cardoso, who assumed office in September 2023.

The surge in IMTO inflows is closely tied to the reforms introduced by the CBN under Governor Cardoso since his assumption of office in September 2023.

In January 2024, the CBN issued a circular that removed the previous cap on exchange rates quoted by IMTOs.

By increasing competition among IMTOs, engaging with the diaspora, and enhancing transparency in foreign exchange transactions, the CBN has strengthened the remittance ecosystem.

Also, the CBN recently granted 14 new Approval-in-Principle (AIP) to IMTOs, according to the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

The Central Bank’s reforms have included streamlining processes, onboarding more IMTOs, and enhancing measures to ensure an increase in the supply of foreign currencies.

These measures have evidently paid off, as evidenced by the substantial increase in remittance inflows.

This surge in remittance inflows is crucial for Nigeria’s economy, providing much-needed foreign exchange and supporting household income.