The Central Bank of Nigeria, CBN 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 on Friday 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’.
READ ALSO: We’re Soft Target For Robbery Attacks — Aba, Umuahia POS Operators Lament
Part of the circular read, “These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria.
“Strict sanctions, including withdrawal of operating licences, shall be imposed on any individual and/ or institutions found to be aiding, abetting or directly contravening these guidelines.”
For unlicensed operators, it added, “The CBN shall not hesitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.”
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.
The CBN also said the IMTOs were not permitted, under any circumstance, to disburse diaspora remittances in Nigeria (either in cash or by electronic transfer), be it through naira remittance settlement accounts (which it had earlier directed to be closed), third party accounts or via any other payment platforms within and/or around the Nigerian financial system.
Governor Dikko Radda of Katsina State says bandits cannot operate freely without the connivance of…
Movie producer and actor, Chris Bassey, has taken to plumbing after leaving Nigeria for Canada.…
The Nigeria National Petroleum Company Ltd (NNPCL) on Saturday said there is no guarantee of…
Former President Goodluck Ebele Jonathan on Saturday described the death of Hajiya Dada Yar’Adua, mother…
His Royal Majesty King Apostle Chibuzor Gift Chinyere, General Overseer of Omega Power Ministry (OPM),…
A seventy-six-year-old man, Mr. Agwu Okorie Sampson from Ebem Ohafia, Abia State, has alleged that…