Wednesday, December 02, 2020 / 4:22 PM /by CBN / Header Image Credit: Guardian NG
Further to the CircularRef. No. TED/FEM/FPC/GEN/01/011 of November 30, 2020, on the above subject, wewish to reiterate and clarify to All International Money Transfer Operators(IMTO) the following;
- IMTO's must ensure that all funds in favour ofbeneficiaries/recipients in Nigeria be deposited into the Agent Banks' correspondent account.
- Agent Banks (Deposit Money Banks) in Nigeria willbe responsible for final payment to beneficiaries/recipients either in foreigncurrency cash (USD) or into the beneficiaries'/recipients' domiciliary account in Nigeria.
- The mode of payment either in cash or transfer isat the sole discretion of the beneficiaries/recipients.
Please ensure strict compliance and be guidedaccordingly.
Related Link: CBNAmends Procedures for Receipt of Diaspora Remittances
Circulars Released by CBNin the Last One Week
- CBN Re-Amends Circular on Procedures for Receipt of Diaspora Remittances
- CBN Amends Procedures for Receipt of Diaspora Remittances
- CBN Provides Clarifications on the Operations of Export Proceeds and Ordinary Domiciliary Accounts
- CBN Introduces Special Bills to Deepen the FM and as an Additional Liquidity Management Tool
Related News
- A Temporary Reprieve from FX Outflows
- Pressure on Parallel Market Rate: Any Moderation in Sight?
- FX Shortages Stifle Downstream Oil Sector Deregulation
- November 2020 Economic Insight: Dollar Rationing to Persist on Meagre Inflows
- Take the Stress Out of Election-Related Market Indecision And Uncertainty With Covesting
- FX Inflows Mostly Autonomous
- 6 Important Things of a good CFD Broker
- Slump in Workers' Remittances in Q2 2020
- Finding a Reliable Broker: The Difference Between Regulated and Unregulated Brokers
- Gross Official Reserves Declined by US$130m in September 2020 to US35.74bn
- Nigeria Foreign Exchange - Stability In Diversity