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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