Nigerian banks have commenced the full implementation of the Central Bank of Nigeria’s (CBN) revised guidelines on international money transfer operations within the country.
These guidelines entail significant changes, including the requirement for all inbound money transfers to Nigeria to be paid to beneficiaries in Naira, either through a bank account or in cash.
According to the revised guidelines, proceeds of international money transfers exceeding the equivalent of $200 must be paid through a bank account.
Cash payments are only permitted upon the provision of satisfactory/acceptable means of identification.
Additionally, in cases where the beneficiary does not hold an account with the international money transfer operator (IMTO) agent bank, the agent bank is mandated to credit the beneficiary’s account in another bank.
The CBN’s directive aims to facilitate the conversion of foreign currency payouts into Naira, thereby bolstering the supply of foreign exchange and curbing the activities of black market traders. The exchange rate for the Naira payment will be based on prevailing rates in the Nigerian Foreign Exchange Market.
In response to these new guidelines, Nigerian banks have issued statements to their customers elucidating the modifications and detailing the procedures for compliance. This proactive communication seeks to ensure that customers are well-informed about the changes and can navigate the revised international money transfer operations seamlessly.
“All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash.”
“Proceeds of IMTO more than the equivalent of $200 shall be paid through an account. Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification.
“Where the beneficiary does not have an account with the Intro agent bank, the agent bank shall credit the beneficiary account in another bank.”
