CBN warns banks, IMTOs still paying remittances in naira

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It warned of 'stiff' consequences for organisations that continue to flout its directive.

has expressed displeasure towards some banks and international money transfer operators that have, despite its recent directive, continued to pay remittances in local currency.The bank had directed IMTOs and commercial banks in the country to start paying beneficiaries of diaspora remittances in foreign currencies through the designated bank of their choice.

This is expected to boost foreign exchange liquidity and foster an environment that would enable a faster, cheaper, and more convenient flow of remittances back toHowever, according to its release Wednesday, it said it discovered that a few operators continue to pay remittances in local currency contrary to the regulatory directive.

The bank has provided additional operational guidelines for all operators to follow or be sanctioned.1. Switches and Processors should immediately cease all local currency transfers in respect of foreign remittances through IMTOs.3. Payment service providers are directed to cease integrating their systems with IMTOs going forward and must prevent commingling of remittances with other legitimate transactions.

 

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