The Central Bank of Nigeria has directed Deposit Money Banks to close all naira accounts of International Money Transfer Operators.
According to the apex bank, the closure of naira accounts is to ensure that diaspora remittances were received by beneficiaries in foreign currencies only.
The CBN also directed that proper audit of International Monetary Transfer Operators (IMTO) accounts should be done to forestall further use of naira accounts for diaspora remittances purposes.
The directives were contained in a circular issued on Friday, jointly signed by the director, banking supervision department, Mr. Bello Hassan and the director, payments system management department, Mr. Musa Jimoh.
The circular tilted ‘Receipt of diaspora remittances: Additional operational guidelines 2,” addressed to all Deposit Money Banks, Payment Service Providers and International Money Transfer Operators, read: “DMBs are to close all naira accounts for IMTOs. This is to ensure that diaspora remittances are received by beneficiaries in foreign currency only (cash and/or transfers to domiciliary accounts of recipients).
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“DMBs are permitted to open new opex accounts for the purpose of the IMTO operations, such as salary payments and other operating expenses excluding diaspora remittance receipts.
“DMBs must ensure that proper audit of IMTO accounts is done to forestall further use of naira accounts for diaspora remittances purposes.”
The Next Edition recalls that the apex Bank had in an earlier circular, directed operators to stop paying recipients of diaspora remittances in local currency.
It warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances.
