Again, CBN orders DMBs to close naira accounts of IMTOs thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.
By Obinna Chima
The Central Bank of Nigeria (CBN) has expressed displeasure that some International Money Transfer Operators (IMTOs) continue to pay remittances in local currency contrary to its recent policy that granted unfettered access to forex from Diaspora and other money transfer remittances.
However, it noted that the majority of Nigerians who are beneficiaries of remittances through IMTOs now receive forex through their designated banks.
The CBN revealed this in a circular posted on its website yesterday, titled: “Receipt of Diaspora Remittances: Additional Operational Guidelines.”
Therefore, in order to prevent further breach of the policy by the IMTOs, the CBN in the additional operational guidelines directed switches and processors to immediately, cease all local currency transfers in respect of foreign remittances through IMTOs.