Nigeria directs local banks to automatically open dollar accounts for foreign remittances - News

Nigeria directs local banks to automatically open dollar accounts for foreign remittances - News
18/February/2021

The Central Bank of Nigeria (CBN) has directed commercial banks in the country to open new dollar accounts for customers receiving international money transfers. The Nation Newspaper reports.

The new directive on dollar account opening is coming two months after the CBN raised the alarm that its policy mandating diaspora remittances in dollars is being flouted.

The regulator further directed that all mobile money operators should disable wallets from receipt of funds from International Money Transfer Operators (IMTOs) following suspected abuse of policy guidelines by the IMTOs.

Further to the announcement, the CBN also stated that a $2,000 withdrawal limit will apply to these accounts..



Comments

Post a Comment