CBN orders closure of money transfer operators’ naira accounts

MPC retains MPR at 11.5%

CBN orders closure of money transfer operators’ naira accounts   The Central Bank of Nigeria (CBN) has directed the Deposit Money Banks (DMBs) to close all naira accounts of International Money Transfer Operators (IMTOs). 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…

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DISCLAIMER: CBN exposes 2 unathorised International Money Transfer Operators

International Money Transfer Operators

DISCLAIMER: CBN exposes 2 unathorised International Money Transfer Operators   The Central Bank of Nigeria (CBN) has warned the general public to beware of two firms – Azimo and Transfer Wise – that operate as International Money Transfer Operators (IMTOs), saying the two firms are not licensed to carry out the business. In a statement titled ‘Azimo, Transfer Wise Not Registered IMTOs’ published on its official website on Wednesday and signed by Osita Nwanisobi Acting Director, Corporate Communications, the apex bank said the duo have been carrying out illegal transactions.…

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CBN kicks as Money agents flout dollar payment directive

CONaira 4 Dollar SchemeVID-19 healthcare funds

CBN kicks as Money agents flout dollar payment directive The Central Bank of Nigeria (CBN) has expressed displeasure at the flouting of its policy mandating International Money Transfer Operators (IMTOs) to pay Diaspora remittances to beneficiaries in dollars. In a statement on Wednesday, the apex bank said few operators continue to pay remittances in local currency, contrary to regulatory directive. It has therefore, issued a new directive authorising Switches and Processors to immediately cease all local currency transfers in respect of foreign currency remittances through IMTOs. It also directed that…

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