Deposit Money Banks to close naira accounts for IMTOs— CBN
By Modupe Shodeinde
The Central Bank of Nigeria (CBN) has ordered the closure of all naira accounts of International Money Transfer Operators.
The apex bank made this known in a circular issued on Friday.
It states that, “Deposit Money Banks 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.”
In an earlier circular, CBN had warned operators against paying recipients of diaspora remittances in local currency.
The apex bank warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances.
