International money transfers must be in naira —CBN

Federal Government Academy Suleja (Center for the Gifted & Talented) 2017/2018 Provisional Admission List is Out! – Click Here for the Full List

WASSCE 2017 for Private Candidates (GCE) – See Timetable Download Past Questions with Answers – Click Here!

Central Bank of Nigeria

The Central Bank of Nigeria has unveiled guidelines to regulate international money transfer services in the country.

The 19-page document, posted on the central bank website on Wednesday, 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 CBN, in the document, directed hence forth all inbound international money transfers must be paid to beneficiaries in naira only and through a bank account or mobile money wallet

Similarly, the central bank mandated that all outbound international money transfers must, henceforth, be done in naira.

The guideline also pegged outbound money transfer at $2,000 per transaction.

The guidelines read in part, “Allowable limit of the outbound money transfer shall be $2,000 or its equivalent per transaction, subject to periodic review by the CBN. 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.”

According to the guidelines, the currency to be given to a money transfer agent for an outbound transfer shall be the naira; all outward payment transaction shall be executed in a convertible currency agreed between the parties.

Download e-books for education and research for FREE - Click Here cowbell competition advert Download e-books for education and research for FREE

It added, “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.”

Receive BREAKING NEWS Alerts, Subscribe Below

UTME 2017 – Attempt UTME CBT in selected UTME Subjects; Score up to 30 points and win N500 Cash (or airtime) – Click Here to Participate for FREE

Follow Us on FACEBOOK, TWITTER and BBM – D1B511F5 for BREAKING NEWS alerts.

Do You Know Nigeria? Attempt 10 simple questions on Nigeria for FREE and Win FREE N500 Airtime – Click Here to Participate!

For your news articles, press release, Breaking News, send e-mail to