The Central Financial institution of Nigeria (CBN) has once more warned worldwide cash switch operators (IMTOs) and unlicensed firms to cease facilitating diaspora remittances into the nation in naira.
CBN, in a press release launched on Friday and signed by O.S. Nnaji, director of commerce & change of CBN, famous that each one diaspora remittances should be acquired by beneficiaries in overseas forex solely (money and/or transfers to domiciliary accounts of recipients).
“Solely licensed IMTOs are permitted to hold on the enterprise of facilitating diaspora remittances into the nation,” the assertion learn.
“IMTOs usually are not permitted, below any circumstances, to disburse diaspora remittances in naira (both in money or by digital transfers) be it by way of naira remittance settlement accounts (which had been earlier directed to be closed), third social gathering accounts or by way of every other cost platform inside and/or across the Nigerian monetary system.”
The apex financial institution famous that the measures have been supposed to advertise transparency, develop diaspora remittances and considerably enhance overseas change inflows into Nigeria.
It warned that strict sanctions, together with withdrawal of working licenses shall be imposed on people and/or establishments discovered to be aiding, abetting or straight contravening the rules.
Whereas unlicensed operators would even have their accounts in Nigerian banks closed, together with being barred from accessing banking companies in Nigeria.
The apex financial institution had in November 2020 relaxed rules on foreign remittances and domiciliary accounts by permitting beneficiaries to obtain such influx in overseas forex by way of designated financial institution of their alternative.