The Central Bank of Nigeria (CBN) has threatened to revoke banks’ foreign exchange dealership licenses if they work with International Money Transfer Operators, IMTOs, in violation of its rule that recipients of diaspora remittances be paid in their preferred currency.
CBN gave the warning in a circular signed by the Director, of the Trade and Exchange Department, Ozoemena Nnaji, and published on Monday.
In a bid to boost diaspora remittances, especially through the banking system, the CBN, in November 2020 circular to banks, had directed that beneficiaries of such remittances should be paid in dollars through the designated banks of their choice.
