Forex: Ecobank Complies With CBN Directives,Order Branches On International Transfers Operations

 

Nigerian commercial banks have began complying with the directives of the Central Bank of Nigeria (CBN), on international transfers of foreign currencies.

The CBN late last week, said the Naira would now be the currency for international transfers facilitated by international money transfer operators (IMTOs).

Complying with the directives, Ecobank Nigeria, in a notice, said several IMTOs including Western Union, MoneyGram, Rapidtransfer, Ria, and other IMTOs approved by the Central Bank of Nigeria have been affected.

“We would like to bring to your attention recent regulatory changes affecting international money transfers into Nigeria through Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN approved IMTOS.

“The Circular issued by the Central Bank of Nigeria (CBN) dated January 31, 2024, stipulates that ALL in-bound money transfers to Nigeria (via the above mentioned IMTOS) will be paid ONLY in Naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market,” the bank states.

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