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.”

By this latest directive,  remittances to Nigeria through Western Union, MoneyGram, Transfast and other international money transfer agencies will be sold to licenced BDC operators.

The new strategy forms part of the on-going initiatives by the regulator to shore up the naira and create a steady cash flow in the forex market. CBN has in recent months tweaked the monetary system all in a bid to shore up the naira.