2021-01-22 | TED/FEM/FPC/PUB/001/001

Modalities For Payout Of Disapora Remittances

The Central Bank of Nigeria (CBN) has issued a circular to authorized dealers and international money transfer operators (IMTOs) regarding the payout of diaspora remittances. The CBN clarifies that only licensed IMTOs are permitted to facilitate diaspora remittances into Nigeria, and that all remittances must be received by beneficiaries in foreign currency only. Strict sanctions will be imposed on individuals or institutions found to be contravening these guidelines, including the withdrawal of operating licenses for unlicensed operators.

Nigeria

Central Bank of Nigeria

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