Nigeria's foreign exchange crisis: CBN lifts exchange rate cap on international remittance operators

The Central Bank of Nigeria (CBN) on 31 January announced the removal of the ceiling on the naira payment exchange rate that international remittance operators are allowed to quote. The Central Bank stated that the policy change was intended to further liberalise the foreign exchange market. The rise in the naira against major currencies was attributed to the removal of the "permissible limit" by the Central Bank of Nigeria.