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The Central Bank of Nigeria (CBN) has released a list of approved international money transfer operators (IMTOs).
As part of efforts to deepen foreign exchange liquidity, the apex bank directed deposit money banks (DMBs) to close naira accounts of IMTOs in December 2020.
“This is to ensure that diaspora remittances are received by beneficiaries in foreign currency only (cash and/or transfers to domiciliary accounts of recipients),” the CBN had said.
The CBN recently warned that unlicensed money transfer operators would have their accounts in Nigerian banks closed, including being restricted from accessing banking services in the country.
IMTOs accept cash for the purpose of transmitting to persons resident in Nigeria or another country. They also carry out cross-border transfer services for personal purposes such as money transfer services towards family maintenance and money transfer services for foreign tourists visiting Nigeria.
Below is a list of IMTOs authorised by the CBN: