On January 31, the Central Bank of Nigeria declared that it had abolished the limits on the rates at which international money transfer operators can offer naira payouts.

This strategic decision is part of a broader move to further liberalise the foreign exchange market in Nigeria.

As a result of this policy change, the naira saw a gain against major currencies on February 1, showcasing the immediate impact of the central bank's efforts to create a more fluid and dynamic forex environment.

This move is anticipated to enhance the flow of foreign currencies and may contribute to stabilising the naira's value over time, reflecting the central bank's proactive stance on addressing forex challenges in Nigeria.