Sunday, March 7, 2021

CBN threatens to shut accounts of diaspora remittance violators

Categories

Share

The Central Bank of Nigeria has vowed to withdraw the operating licences of operators who continue to violate rules regulating diaspora remittances into the country.

It stated that it would not tolerate the clear contravention of its directive that all remittances be paid to beneficiaries in dollars.

The CBN stated this in its circular to all authorised dealers and International Money Transfer Operators titled ‘Modalities for payout of diaspora remittances’, which was signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji.

The banking regulator stated that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’.

The CBN said for the avoidance of doubt, only licensed IMTOs were permitted to carry on the business of facilitating diaspora remittances into Nigeria.

It added that all diaspora remittances must be received by beneficiaries in foreign currency only (cash and/ or transfers to domiciliary accounts of recipients.