CBN threatens to shut accounts of diaspora remittance violators
- Sat Jan 23 2021
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CBN threatens to shut accounts of diaspora remittance violators———-> The central bank of Nigeria has said that it would not hesitate to authorise the closure of accounts operators who continue violate rules regulating diaspora remittances into the country.—————> It stated that it would not tolerate the clear violation of its directive that all remittances be paid to beneficiaries in dollars.————-> The CBN stated this on Friday 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.—————> According to CBN, These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria. —————> It added that all diaspora remittances must be received by beneficiaries in foreign currency only (cash and/ or transfers to domiciliary accounts of recipients.