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).

See also  FA Cup Final 2020: Lampard, Arteta eye first trophy as managers

“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.”

Untitled Document

You can always reach us through these channels

Facebook: https:/


Youtube Channel:


Phone Numbers: 07062501185, 09038738731



This Post: CBN ‎orders closure of naira accounts of money transfer operators was approved and published by Ancity Media Editor and may not be republished elsewhere without prior written permission from the Editor.

See also  Just in: Schools shut as #EndSARS protests mar full resumption of academic activities in Lagos

Get real time updates directly on you device, subscribe now.


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More