***** Insists Beneficiaries Must Be Paid In Foreign Currency
By Dayo Omoogun
The Central Bank of Nigerians has warned that strict sanctions will be enforced against International Money Transfer Operators (IMTOs) and authorised Dealers who fail to comply with the bank’s guidelines concerning diaspora remittances.
The warning was contained in a circular titled ” Modalities For Payout of Diaspora Remittances” issued and signed by the Apex bank’s Director of Trade and Exchange, Dr. O.S.Nnaji, to Authorised Dealers and International Money Transfer Operators on Friday.
The bank stated that “for the avoidance of doubts whatsoever, only licensed IMTOs are permitted to carry on the business of facilitating diaspora remittances in Nigeria.”
It will be recalled that the bank recently issued a disclaimer against two companies Messrs Azimo and Messrs Transferwise respectively which it said were not approved IMTOs adding that anyone who transacts business with them does so at his or her own risk.
The bank emphasised that all diaspora remittances must be received by beneficiaries in foreign currency only irrespective of whether the remittance is made in cash or by transfer to the beneficiary’s account.It stressed that IMTOs are not permitted under whatever circumstances, to disburse diaspora remittances in Naira.
The bank explained that these measures are put in place to promote transparency, increase diaspora remittances and foreign exchange inflows into the country.
It therefore warned that “strict sanctions, including withdrawal of operating licences, shall be imposed on any individual and/ or institutions found to be aiding, abetting of directly contravening these guidelines”.
It further warned that unlicensed operators will have their bank accounts in Nigern banks closed and may ultimately be denied access to banking services in the country.