In line with the new directive of the Central Bank of Nigeria (CBN), Nigerian banks have started paying money sent from abroad to customers in Naira.
According to the new rule by apex bank, commercial banks are now allowed to convert customers’ remittances from abroad to naira instead of paying them in the currency with which the money was sent.
The CBN also banned dollar and other foreign currency payouts for international transactions received through international money transfer operators (IMTOs).
The apex bank’s revised guidelines for the operations of international money transfer operators are also geared towards boosting forex supply in Nigeria and to starve the black market traders, who most times over charge Nigerians for the change of foreign currencies.
In the circular released by the CBN containing the revised guidelines for the payments received from abroad, the bank stipulated that, in order to be able to cash out the money sent, customers of various banks in Nigeria must have an acceptable means of identification.
The apex bank also listed the acceptable means of identification, which include an international passport, a national identity card, an INEC Permanent Voters Card (PVC), and a driver’s licence.
The Central Bank also noted that, if a beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank.
News About Nigeria gathered that, in line with the CBN’s new guidelines, banks have now issued statements with detailed explanations about the changes to their customers.
