2020-12-18 | PSM/PLD/GEN/INM/02/019

Receipt of Diaspora Remittances: Additional Operational Guidelines 2

The Central Bank of Nigeria issues directives to deposit money banks, payment service providers, and international money transfer operators regarding diaspora remittances. The key points include closing all Naira accounts for IMTOs to ensure remittances are received in foreign currency, allowing DMBs to open new Opex accounts for IMTO operations, and mandating proper audits of IMTO accounts to prevent the use of Naira accounts for remittance purposes. These guidelines are effective immediately, emphasizing strict compliance.

Nigeria

Central Bank of Nigeria

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