CBN ‎orders closure of naira accounts of money transfer operators

 

‎The Central Bank of Nigeria on Friday directed Deposit Money Banks to close the naira accounts of International Money Transfer Operators.

The CBN issued the directive in a circular tilted ‘Receipt of diaspora remittances: Additional operational guidelines 2′, which was addressed to all Deposit Money Banks, Payment Service Providers and International Money Transfer Operators.

The circular, signed by the director, banking supervision department; and director, payments system management department, 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).

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“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.

“DMBs must ensure that proper audit of IMTO accounts is done to forestall further use of naira accounts for diaspora remittances purposes.”

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