CBN Added 10 More Companies to Money Transfer Operators

Central Bank Of Nigeria - cbn loan
The Central Bank of Nigeria (CBN) disclosed on Monday in a report titled ‘Updated List of International Money Transfer Operators in Nigeria as at April 01, 2021’ that it has added 10 more companies to the list of International Money Transfer Operators licensed in the country.

The CBN listed only 47 IMTOs as licensed operators in March. While some of the operators had their addresses in Nigeria, others were based outside the country.

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The CBN Governor, Godwin Emefiele disclosed recently that the initiatives introduced by the apex bank to boost foreign exchange in the country were yielding results as weekly diaspora remittances rose from $5m to $30.

The CBN also introduced a rebate of N5 for every $1 of fund remitted to Nigeria through IMTOs in its forex policy. According to Emefiele, CBN introduced the rebate to reduce the cost burden of remitting funds to Nigeria by Nigerians in the diaspora.

He said, “This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.”

The ‘Naira-4-Dollar Scheme’, which took effect on March 8, 2021, is expected to end on May 8. Banks have already notified their customers for them not to be caught unaware.