Connect with us

    Hi, what are you looking for?

    E-Financial

    CBN Threatens to Punish Diaspora Remittance Violators

    Central Bank of Nigeria (CBN) has vowed to withdraw the operating licences of operators who continue to violate rules regulating dispora remittances into the country.

    It stated that it would not tolerate the clear contravention of its directive that all remittances be paid to beneficiaries in dollars.

    The CBN stated this on Friday in its circular to all authourised dealers and International Money Transfer Operators titled ‘Modalities for payout of diaspora remittances’, which was signed by Dr. O.d S. Nnaji director, Trade & Exchange Department,

    The banking regulator stated that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’.

    Part of the circular read, “These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria.

    “Strict sanctions, including withdrawal of operating licences, shall be imposed on any individual and/ or institutions found to be aiding, abetting or directly contravening these guidelines.”

    For unlicensed operators, it added, “The CBN shall not hesitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.”

    The CBN said for the avoidance of doubt, only licensed IMTOs were permitted to carry on the business of facilitating diaspora remittances into Nigeria.

    It added that all diaspora remittances must be received by beneficiaries in foreign currency only (cash and/ or transfers to domiciliary accounts of recipients.

    The CBN also said the IMTOs were not permitted, under any circumstance, to disburse diaspora remittances in Nigeria (either in cash or by electronic transfer), be it through naira remittance settlement accounts (which it had earlier directed to be closed), third party accounts or via any other payment platforms within and/or around the Nigerian financial system.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...

    E-Financial

    The Bank of Ghana (BoG) has suspended the remittance partnerships of several fintech companies including Flutterwave, Tap Tap Send, and others for a period...