Tuesday, September 21, 2021
HomeCBNCBN Approves 47 IMTOs for Nigerians in Diaspora

CBN Approves 47 IMTOs for Nigerians in Diaspora

Following the ban of unauthorized International Money Transfer Operators (IMTOs) in the country and placing sanction for defaulters, the Central Bank of Nigeria has released the list via its website of forty-seven (47) approved IMTOs to handle foreign exchange and also receive remittances from Nigerians in Diaspora.

The new policy mandates the International Money Transfer Operators (IMTOs) and Money Deposit Banks (MDBs) to make payments in foreign currencies to recipients of the remittances.

Prior to that, the IMTOs and MDBs were said to shortchange beneficiaries of the remittances, by giving them less Naira equivalent to their foreign currency sent by Nigerian Diasporas.

The list released reveals shows the locations of the diverse IMTOs: UK (17), Lagos State (14), USA (8), Abuja (3), Senegal (2), Belgium (1), Ibadan (1), and Morocc0 (1).

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