The Central Bank of Nigeria has directed the Deposit Money
Banks to close all naira accounts of International Money Transfer Operators.
It disclosed this on Friday in a circular tilted ‘Receipt of
diaspora remittances: Additional operational guidelines 2 addressed to all
Deposit Money Banks, Payment Service Providers and International Money Transfer
Operators.
The circular was signed by the director, banking supervision
department; and director, payments system management department.
The circular read, “DMBs are to close all naira accounts for IMTOs. This is to ensure that diaspora remittances are received by beneficiaries in foreign currency only (cash and/or transfers to domiciliary accounts of recipients).
“DMBs are permitted to open new opex accounts for the
purpose of the IMTO operations, such as salary payments and other operating
expenses excluding diaspora remittance receipts.
“DMBs must ensure that proper audit of IMTO accounts is done
to forestall further use of naira accounts for diaspora remittances purposes.”
The Central Bank of Nigeria had warned operators against
paying recipients of diaspora remittances in local currency in a earlier circular.
It warned that violators could lose their operational
licences if they failed to comply with its guidelines on remittances.
The CBN had stated, “Following the recent policy
pronouncement on amendment to procedures for receipt of diaspora remittances,
the CBN notes material compliance by majority of market participants as
beneficiaries of remittances through IMTOs now receive foreign currency through
their designated banks.
“However and regrettably, a few operators continue to pay
remittances in local currency contrary to regulatory directive. The CBN frowns
on this practice.”
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com