CBN orders closing of naira accounts of money transfer operators

CBN for banks: cut service cost

The Central Financial institution of Nigeria instructed Cash Deposit Banks to shut all naira accounts of Worldwide Cash Switch Operators.

He disclosed this on Friday in a slanted round ‘Receiving remittances from the diaspora: extra operational tips 2 addressed to all cash deposit banks, cost service suppliers and worldwide cash switch operators.

The round was signed by the director, banking supervision division; and director, funds system administration division.

The round mentioned, “DMBs should shut all naira accounts for IMTOs. That is to make sure that remittances from the diaspora are obtained by beneficiaries solely in overseas forex (cash and / or transfers to recipients’ residence accounts).

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“DMBs are allowed to open new opex accounts for the aim of IMTO’s operations, reminiscent of funds of wages and different working bills, excluding receipts from diaspora remittances.

“DMBs should make sure that an sufficient audit of IMTO accounts is carried out to forestall the long run use of naira accounts for the aim of remittances from the diaspora.”

The Central Financial institution of Nigeria has warned merchants in opposition to paying recipients of diaspora remittances in native forex in a earlier round.

He warned that offenders can lose their working licenses in the event that they fail to adjust to their remittance tips.

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CBN had said: “Following the latest coverage pronouncement on altering the procedures for receiving remittances from the Diaspora, CBN observes the fabric compliance by most market contributors as beneficiaries of remittances by way of IMTOs now receiving overseas forex by way of designated banks.

“Nevertheless, sadly, some operators proceed to pay remittances in native forex, opposite to the regulatory guideline. CBN disapproves of this follow. “

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