CBN Directs Banks To Close Naira Accounts of Money Transfer Operators

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CBN directs banks to close naira accounts of money transfer operators

Deposit money banks (DMBs) have received a new directive from the Central Bank of Nigeria (CBN) to close all naira accounts of international money transfer operators (IMTOs).

This was conveyed in a circular released on Friday December 18 and jointly signed by Bello Hassan, CBN’s director of banking supervision; and Musa Jimoh, the apex bank’s director of payments system management.

It 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).

“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.”

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