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CBN directs banks to close naira ledger accounts for IMTO

The Central Bank of Nigeria (CBN) has directed banks in the country to close all naira ledger accounts opened specifically for the purpose of receiving proceeds from international money transfer operator (IMTO) with immediate effect.

In a related story, WITHIN NIGERIA had reported that the Central Bank of Nigeria has announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now such inflows in foreign currency (US Dollar) through the designated bank of their choice.

This was contained in a statement signed by the director of trade and exchange of CBN, O.S. Nnaji.

The director said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.

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