The Central Bank of Nigeria (CBN) has warned it would clampdown on international money transfer operators (IMTOs) which continue to flout its directive not to pay remittances in naira.
In a memo on Friday, the apex bank said some IMTOs and unlicensed companies have continued to pay diaspora remittances into the country in naira, in clear contravention of its directive that all remittances be paid to beneficiaries in dollars.
The regulator said strict sanctions, “including withdrawal of operating licenses, shall be imposed on any individuals and/or institutions found to be aiding, abetting or directly contravening these guidelines.”
“For unlicensed operators, the CBN shall not hesitate to authorize the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria,” the bank said
