The Central Bank of Nigeria has vowed to withdraw the operating licences of operators who continue to violate rules regulating dispora remittances into the country .
It stated that it would not tolerate the clear contravention of its directive that all remittances be paid to beneficiaries in dollars .
The CBN stated this on Friday in its circular to all authourised dealers and International Money Transfer Operators titled ‘ Modalities for payout of diaspora remittances ’ , which was signed by the Director , Trade & Exchange Department, Dr. O . S . Nnaji.
The banking regulator stated that this new circular was in furtherance to its earlier one titled ‘ Receipt of diaspora remittances : Additional operational guidelines ’ .
Part of the circular read , “ These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria .
“ Strict sanctions , including withdrawal of operating licences, shall be imposed on any individual and/ or institutions found to be aiding ,contra evening abetting or directly contravening these guidelines . ”
For unlicensed operators, it added , “ The CBN shall not htheiresitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria . ”
The CBN said for the avoidance of doubt , only licensed IMTOs were permitted to carry on the business of facilitating diaspora remittances into Nigeria .
It added that all diaspora remittances must be received by beneficiaries in foreign currency only ( cash and/ or transfers to domiciliary accounts of recipients .
The CBN also said the IMTOs were not permitted , under any circumstance, to disburse diaspora remittances in Nigeria ( either in cash or by electronic transfer) , be it through naira remittance settlement accounts ( which it had earlier directed to be closed ) , third party accounts or via any other payment platforms within and /or around the Nigerian financial system .
