Nigeria’s central bank liberalized exchange rate quotes for International Money Transfer Operators (IMTOs), allowing them to use prevailing market rates as of a January 31 circular. This adjustment moves away from the previous mandate requiring IMTOs to maintain their rates within a -2.5% to +2.5% range of the official closing rate. This change reflects the bank’s dedication to opening up Nigeria’s FX market, recognizing the significant role of IMTOs in facilitating over USD 20 bln in remittances projected by the World Bank for 2023.