Travelex will distribute a maximum of $15,000 to over 3000 registered BDCs in Nigeria. The company says it has about $45m in its pool of forex.
Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria, commenting on the development, said:
"Remittances have direct positive and significant impact on consumption, investment, and demand in the country as it can be used to address short-run output shocks, and even long-run growth."
"We want to commend the CBN for reaffirming the country’s commitment to building an enabling environment and a level-playing field for international money transfer services to Nigeria.
"By increasing the number of the IMTOs from three to 14, the CBN under its Governor, Godwin Emefiele, will set the economy on the path of development in the medium to long term and restore integrity in the international money transfer business."