CBN orders the closure of money transfer operators in naira accounts

The Central Bank of Nigeria has ordered 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 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.

Read more details at Punch

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