The Central Bank of Nigeria is the apex bank in Nigeria. As such it continues to inaugurate policies that will make transactions better.
In this light, Central Bank of Nigeria (CBN) has taken to its official twitter handle, @cenbank, to make an announcement concerning additional guidelines on receipt of diaspora remittances.
The announcement on the additional guidelines was revealed in a letter. Here are some of the guidelines as retrieved from the letter that was released by CBN:
“1. Switches and Processors should immediately cease all local currency transfers in respect to foreign remittances through IMTOs.
“2. All MMOs are required to immediately disable wallet from receipt of funds from IMTOs.
“3. Payment Service Providers are directed to cease integrating their systems with IMTOs going forward and must prevent comingling of remittances with other legitimate transactions”.
See details of the letter containing the guidelines in the screenshot below. Please zoom the pictures to get a clearer view.
I believe this announcement concerns those who have accounts with banks in Nigeria because they may receive money from the diaspora at any given time.
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