SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Trending News

CBN threatens to withdraw banks’ forex license over diaspora remittances

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
December 20, 2022
in Business, News, Trending News
0
The New CBN Cash Withdrawal Policy; What will happen to MSMEs now?
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria, CBN, yesterday, threatened to withdraw foreign exchange dealership licences of banks that partner with International Money Transfer Operators, IMTOs, to violate its directive that beneficiaries of diaspora remittances should be paid in currency of their choice.

In a bid to boost diaspora remittances especially through the banking system, the CBN, in November 2020 circular to banks, had directed that beneficiaries of such remittances should be paid in dollars through the designated banks of their choice.

In a circular to the banks yesterday, CBN noted that some IMTOs engage in illegal activities through banks in violation of this directive, by paying diaspora remittances in Naira.

The circular signed  by the Director, Trade and Exchange Department,  Ozoemena Nnaji, stated:  “The attention of the CBN has been drawn to the increasing illegal activities by Money Transfer Operators in Nigeria, through banks, by terminating payments in Naira contrary to extant regulations.

“This unwholesome practice has some banks partnering with unlicensed international money transfer operators who disguise their transactions and terminate the same via local inter-bank transfers.

“Henceforth, any bank found to be aiding and abetting any IMTO or unlicensed operator in this activity would be appropriately sanctioned.

“We also wish to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).

“For the avoidance of doubt, all banks and IMTOs are to pay out proceeds of diaspora remittance only in US Dollars and comply with the guidelines on International Money Transfer Operations published by the Bank.

“Any bank found to be aiding/collaborating with IMTOs in terminating remittances in naira will have their authorised dealership licence withdrawn.”

Tags: Central Bank of NigeriaForexIMTOsInternational Money Transfer OperatorsKnow their Customers (KYC)Know your customers’ business (KYCB)
Previous Post

Foreign Portfolio Investments down 32.7% YoY, due to lingering FX crisis

Next Post

Nigeria will not meet her Export targets, until the bottlenecks are addressed - Ayemibo

Ruth Okwumbu-Imafidon

Ruth Okwumbu-Imafidon

Related Posts

FG Searching For Nigerian Researchers To Help Create National AI Strategy
Trending News

FG Searching For Nigerian Researchers To Help Create National AI Strategy

by Blessing Osazuwa
August 28, 2023
0

The Federal Government has said it is seeking top researchers of Nigerian descent from across the globe to help the...

Read more
SMEDAN
Trending News

SMEDAN, Nimbus Media To Support Women-owned Businesses With N40m

by Blessing Osazuwa
August 24, 2023
0

Nimbus Media Ltd and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have jointly announced the opening of...

Read more
FCMB Extends N10m Renewable Energy Loan to Small Enterprises, Others
Trending News

FCMB Extends N10m Renewable Energy Loan to Small Enterprises, Others

by Blessing Osazuwa
August 14, 2023
0

Nigerians seeking green energy solutions like solar panels and batteries can now access up to N10 million through FCMB Energy...

Read more
We did not register ‘Wickedness Association’ as a business entity, Says CAC
Trending News

How To Stay Registered With CAC, Avoid Being Delisted

by Blessing Osazuwa
August 3, 2023
0

In Nigeria, business owners have a legal obligation to register their ventures with the Corporate Affairs Commission (CAC), the government...

Read more
KreAfrika To Empower Africa’s Cultural Sector through Entrepreneurship and Financing Training
Trending News

KreAfrika To Empower Africa’s Cultural Sector through Entrepreneurship and Financing Training

by Blessing Osazuwa
July 31, 2023
0

Senghor University, the French Development Agency and Trace Academia have launched the KreAfrika project to support and train professionals of...

Read more
2023 Report: Lagos Emerges as Leading Startup Ecosystem
Trending News

2023 Report: Lagos Emerges as Leading Startup Ecosystem

by Blessing Osazuwa
July 27, 2023
0

According to a 2023 global startup ecosystem report by Startup Genome, Lagos, has achieved significant growth, becoming the regional leader...

Read more
N700/Litre? Petrol Marketers & Distributors React
Trending News

Fuel Price Hike Threatens Closure of Small Businesses, Sparks Job Loss Concerns

by Blessing Osazuwa
July 27, 2023
0

The Organised Private Sector of Nigeria is deeply concerned about the potential complete closure of numerous small businesses and the...

Read more
Load More
Next Post
Nigeria will not meet her Export targets, until the bottlenecks are addressed – Ayemibo

Nigeria will not meet her Export targets, until the bottlenecks are addressed - Ayemibo

Please login to join discussion

Recent News

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

September 20, 2023
How to steal your competitors’ future customers

How to steal your competitors’ future customers

September 15, 2023
There’s Still Hope: 4 Ways To Cut Your Losses

There’s Still Hope: 4 Ways To Cut Your Losses

September 15, 2023
4 Tips That Will Change The Way You Pitch Your Business To People

Meetings aren’t always necessary. Here’s when to opt for alternatives

September 13, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur