Sunday, February 28, 2021

Banks to compulsorily open Dollar accounts for beneficiaries of diaspora remittances: CBN

The withdrawal limit set for these accounts by the CBN is set At $2,000.

• February 18, 2021
CBN Godwin Emefiele (credit: Bloomberg)
CBN Governor, Godwin Emefiele (credit: Bloomberg)

The Central Bank of Nigeria has instructed Nigerian banks to open dollar accounts for their customers immediately when they receive deposit requests from International Money Transfer Operators.

WorldRemit- an International Money Transfer Operator (IMTO) made this known on its website to its clients on Wednesday.

“Following the new directive from the Central Bank of Nigeria, bank transfers to Nigeria can only be sent in US Dollars to USD accounts,” the note reads. “if your recipient doesn’t have a USD account, their bank may automatically open a USD account for them,” the firm stated.

The withdrawal limit set for these accounts by the CBN is set At $2,000. 

The apex bank had sent out a directive mandating IMTOs to pay diaspora remittances beneficiaries in dollars.

In December, it ordered Deposit Money Banks (DMBs) to close all naira accounts belonging to International Money Transfer Operators (IMTOs) in a circular titled ‘Receipt of Diaspora Remittances: Additional Operational Guidelines 2.”

It gave that operators would have their operational licences revoked  if they continued paying beneficiaries of diaspora remittances in Naira.

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