CBN Tackles Recalcitrant IMTOs over Diaspora Remittances
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....
Source: thisdaylive.com