Additional Operational News Today

By Ifeoluwa Ebiseni (Associate, AELEX) Over the past few weeks, the Central Bank of Nigeria (“CBN”) has issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”).1 According to the CBN, the Circulars were issued in an effort to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria. It was also stated that the clarifications and amendments are aimed at stabilising and deepening the foreign e...

DIASPORA REMITTANCES IN NIGERIA: EXAMINING THE NEW CBN POLICY By Ifeoluwa Ebiseni (Associate, AELEX) Over the past few weeks, the Central Bank of Nigeria (“CBN”) has issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”). 1 According to the CBN, the Circulars were issued in an effort to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria. It was also stated that the clarifications and ...

TODAY December 18, 2020 The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs), with a threat to revoke licences of defaulting firms. The apex bank also directed Mobile Money Operators (MMOs) to disable wallets from receipt of funds from IMTOs. The directives, according to CBN, were to ensure compliance with its recent policy which allows b...

By Babajide Komolafe MONEY MAEKET The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs), with a threat to revoke licences of defaulting firms. The apex bank also directed Mobile Money Operators (MMOs)  to disable wallets from receipt of funds from IMTOs. The directives, according to CBN, were to ensure compliance with  its recent policy wh...

Vanguard News Translate CBN directs payment processors, switches to stop transfer of remittances in local currency On   The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs). The apex bank also directed Mobile Money Operators (MMO) to disable wallets from receipt of funds from IMTOs. The directives according to the CBN ...