The CBN loosens its regulations on foreign exchange rates that are quoted by IMT providers

Also, the CBN advised the DMBs not to stockpile extra foreign exchange currency in order to make money.The allowed limit of the exchange rate set by the International Money Transfer Operators (IMTOs) has been abolished by the Central Bank of Nigeria (CBN).This is stated in a circular to IMTOs and the general public, issued by Dr. Hassan Mahmud, Director, Trade and Exchange Department, CBN.Mahmud claims that the decision is consistent with the CBN's pledge to liberalize the foreign exchange market in Nigeria. "IMTOs are now permitted, on a willing seller, willing buyer basis, to quote exchange rates for Naira payout to beneficiaries based on the current market rates at the Nigerian foreign exchange market."