Re-Guidelines for the Operation of International Money Transfer Services (IMTS) in Nigeria- review of the allowable limit

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