CBN to Shut Accounts of Diaspora Remittance Violators
The Central Bank of Nigeria has threatened to suspend the operating licences of operators who continue to violate rules guiding diaspora remittances into the country.
The apex bank said it would not tolerate the explicit flouting of its directive that all remittances be paid to beneficiaries in dollars.
This was contained in its circular signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji to all authorised dealers and International Money Transfer Operators on Friday.
The circular was titled ‘Modalities for payout of diaspora remittances’.
It said that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’.
The circular partly read, “These measures are intended to promote transpa...