Regulatory Alerts2014-10-03 | TED/FEM/FPC/GEN/01/019Re-Guidelines for the Operation of International Money Transfer Services (IMTS) in Nigeria- review of the allowable limit
The Central Bank of Nigeria has increased the allowable limit for outbound international money transfers from $2,000 to $5,000 per transaction, applicable only to "person-to-person" transfers. Corporate entities are not allowed to use this product. This change follows a recent guideline on International Money Transfer Services dated September 26, 2014.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237802 09 46237809 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/019 October 03, 2014 TO: ALL AUTHORISED DEALERS, MONEY TRANSFER SERVICES OPERATORS AND THE GENERAL PUBLIC RE: GUIDELINES FOR THE OPERATION OF INTERNATIONAL MONEY TRANSFER SERVICES (IMTS) IN NIGERIA- Review of the allowable limit Further to the recent guideline on the International Money transfer Services referenced TED/FEM/FPC/GEN/01/016 dated September 26, 2014, particularly Paragraph 3.6.1, Authorised Dealers and members of the General Public are hereby notified that the threshold of $2,000.00 per transaction has been reviewed upward. Accordingly, the allowable limit for the outbound international money transfer of $2,000.00 per transaction has been increased to $5,000.00 or its equivalent per transaction. However, it is important to note that this service is only applicable to "person-to-person" transfer. For the avoidance of doubt, corporate entities are not allowed to use this product.
O. I. GBADAMO DIRECTOR TRADE & EXCHANGE DEPARTMENT