SAN FRANCISCO, July 23, (THEWILL) – The Central Bank of Nigeria (CBN) has directed agent banks approved for international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators.
The directive was issued via a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016.”
It means that remittances to Nigeria through Western Union, Money Gram, Transfast and other international money transfer agencies will be sold to licenced BDC operators.
Sources at the CBN told THEWILL that the move is expected to add liquidity to the parallel market, ease the pressure on the naira in the market as well as stable the currency.
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