The Central Bank of Nigeria has said it will not tolerate disregard for its regulations on diaspora remittance into the country, threatening to withdraw the operating licences of defaulters.
The apex bank warned that operators who continue to violate its directive that all remittances be paid to beneficiaries in dollars stand to have their licence withdrawn.
CBN stated this on Friday in its circular to all authorised 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.
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, abetting or directly contravening these guidelines.”
For unlicensed operators, it added, “The CBN shall not hesitate 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.
