By InvestAdvocate

New York (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) in its effort to stabilise the naira has authorised agent banks approved for international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators.

This is contained in a circular with reference number, “TED/FEM/ FPC/GEN/01/004 dated July 22, 2016 and signed by W.D Gotring, acting director, Trade and Exchange Department of the CBN.

According to the circular, all international money transfer operators would be required to remit foreign currency to agent banks for disbursement in Naira to beneficiaries; meaning the foreign currency remitted to Nigeria through MoneyGram, Western Union and other official means  will be sold to licenced BDC operators.

Below is the circular: