The Central Bank of Nigeria (CBN) has issued a warning to operators who contravene guidelines set for diaspora remittance into Nigeria.
It said that all remittances of Nigerians in the diaspora are to be paid in foreign currencies.
The apex bank issued its warning in a memo to all International Money Transfer Operators.
The memo titled, ‘Modalities for payout of diaspora remittances’ is sequel to a circular issued earlier titled, ‘Receipt of diaspora remittances: Additional operational guidelines’.
The CBN stated, “These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria.
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“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.
“The CBN shall not hesitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.”
It added that those authorised to process diaspora remittances into the country are licensed IMTOs.
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