The Central Bank of Nigeria has vowed to withdraw the operating licences of operators who continue to violate rules regulating diaspora remittances into the country.

It stated that it would not tolerate the clear contravention of its directive that all remittances be paid to beneficiaries in dollars.

The CBN stated that in its circular to all authorised dealers and International Money Transfer Operators titled ‘Modalities for pay out of diaspora remittances’, which was signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji.

The banking regulator stated that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’.

Part of the circular read, “These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria.

“Strict sanctions, including withdrawal of operating licences, shall be imposed on any individual and/ or institutions found to be aiding, abetting or directly contravening these guidelines.”

For unlicensed operators, it added, “The CBN shall not hesitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.”

The CBN said for the avoidance of doubt, only licensed IMTOs were permitted to carry on the business of facilitating diaspora remittances into Nigeria.