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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