2010-03-17 | TED/FEM/FPC/GEN/01/020/10

Update on invisible purpose codes and the need for compliaince with the rendition of returns on same

The Central Bank of Nigeria has introduced new classification codes for home remittance returns, effective immediately. Authorised Dealers must now categorize these remittances into 14 different types, including maintenance, mortgage, investments, collective funds, NPISH payments, and non-governmental organisation donations. These returns should be submitted through the eFASS platform using the provided codes. Failure to comply will result in sanctions.

Nigeria

Central Bank of Nigeria

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