CBN directs Switches to stop processing local currency transfers into DOM accounts

The Central Bank of Nigeria (CBN) has directed switches and processors to immediately cease all local currency transfers in respect to foreign remittances to through International Transfer Money Transfer Operators (IMTO).

 

The bank said following the recent policy pronouncements on relaxation of rules on foreign remittances, domiciliary accounts, it noted a material compliance by majority of market participants as beneficiaries of remittances through the IMTOs now receive their foreign currency through designated banks.

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