The Central Bank of Nigeria (CBN) has directed that all outbound international money transfers must be done in naira, while inbound international money transfers must be paid to beneficiaries in naira only and through a bank account or mobile money wallet.
According to the CBN, the directive, which takes effect immediately, is meant to ensure that money transfer services companies, agents, banks, and all those engaged in the provision of international money transfer services uphold global standards.
The apex bank also pegged outbound money transfer at $2,000 per transaction, while unveiling guidelines to regulate international money transfer services in the country.
“Allowable limit of the outbound money transfer shall be $2,000 or its equivalent per transaction, subject to periodic review by the CBN,” it said.
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“All inbound money transfers to Nigeria shall only be disbursed to beneficiaries through bank accounts or mobile money wallets. Where the beneficiary does not have a bank account or mobile money wallet, payments shall only be made upon the provision of a satisfactory reference from a current account holder in a bank, confirming that the beneficiary is the bona fide owner of the funds.”
CBN added that where a currency conversion service is offered before initiation of a payment transaction or at the point of payment, the money transfer services operator must disclose all charges, as well as the exchange rate to be used for converting the payment transaction.
Meanwhile, Mr. Godwin Emefiele, CBN governor, has ordered redeployment of the deputy governors of the bank.
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The redeployments, which will take effect from Monday, June 23, 2014, was confirmed in a statement issued by Mr. Isaac Okoroafor of the corporate communications department.
“In line with his vision of entrenching a more professional and people-focused central bank, the governor of the CBN, Mr. Godwin Emefiele, has approved the redeployment of deputy governors in the bank,” a part of the statement read.
“With the new changes, Alhaji Suleiman Barau, deputy governor, corporate services directorate, is now the deputy governor, operations directorate.”
Dr. Kingsley Moghalu, currently the deputy governor, operations, returns to the financial systems stability directorate; while Mr. Adebayo Adelabu, who was in charge of financial systems stability, is now the deputy governor, corporate services.
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Dr. Sarah Alade retains her position as the deputy governor, economic policy directorate.
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