The Central Bank of Nigeria (CBN), has removed allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs).

This is according to a circular signed by Dr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN, addressed to IMTOs and the general public.

According to Mahmud, IMTOs are hereby allowed to quote exchange rates for Naira payout to beneficiaries based on the prevailing market rates at the Nigerian foreign exchange market on a willing seller, willing buyer basis.

For clarity, by the circular, the cap on allowable limit of -2.5 per cent to +2.5 per cent around the previous day’s closing rate of the Nigerian Foreign Exchange Market is hereby removed.

The CBN also cautioned the DMBs against hoarding excess fx currencies for profit.