Must Read: CBN Makes New Important Announcement (Details)

Central Bank of Nigeria (CBN) continues to inaugurate policies that will make transactions easy and better.

The apex bank in Nigeria has taken to its official twitter handle, @cenbank, to make announcement concerning additional guidelines on receipt of diaspora remittances.

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The announcement on the additional guidelines was disclosed in a letter.

Below are some of the guidelines as retrieved from the letter that was released by CBN:

“1. Switches and Processors should immediately cease all local currency transfers in respect to foreign remittances through IMTOs.

“2. All MMOs are required to immediately disable wallet from receipt of funds from IMTOs.

“3. Payment Service Providers are directed to cease integrating their systems with IMTOs going forward and must prevent comingling of remittances with other legitimate transactions”.

See below details of the letter containing the guidelines…