CBN talks tough on accounts of diaspora remittance violators

The Central Bank of Nigeria has said it will withdraw the operating licenses of operators who continue to violate rules regulating diaspora remittances into the country.

The CBN stated this on Friday in its circular to all authorised dealers and International Money Transfer Operators titled ‘Modalities for payout of diaspora remittances’, which was signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji.

Part of the circular read, “These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria.

“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.”

For unlicensed operators, it added, “The CBN shall not hesitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.”

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