30 results
- 24 Mar 2026
CBN Directs IMTOs to Open Naira Settlement Accounts
Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, as…
- 30 Aug 2016
CBN Grants IMTO Licenses to 11 Operators
Central Bank of Nigeria (CBN) has licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria, in furtherance of efforts to liberalise the Foreign Exchange Market, ensure…
- 12 Feb 2024
Banks, IMTOs Halt Dollar Payments
International Money Transfer Operators (IMTOs) and banks in Nigeria have halted the payment of dollars to their customers. This follows the issuance of revised guidelines for International Money…
- 22 Mar 2021
CBN Withdraws Licenses of 11 IMTOs
Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 11 International Money Transfer Operators (IMTOs) in the country’s foreign exchange market. Mr. Godwin Emefiele, CBN governor In…
- 9 Nov 2016
CBN Goes Tough on Illegal IMTOs, Banks over Money Transfers
Central Bank of Nigeria (CBN) has threatened to deal with any illegal International Money Transfer Operators (IMTOs) in the country when caught, warning Nigerians in the diaspora to desist from…
- 17 May 2024
CBN Grants Approval to 14 New IMTOs to Spur Liquidity
Central Bank of Nigeria (CBN) has said that it has granted 14 new International Money Transfer Operators, IMTOs Approval-in-Principle (AIP) to double foreign-currency remittance inflows through…
- 21 Jul 2023
RightCard Secures IMTO License from Central Bank of Nigeria
RightCard Payment Services Limited, a Lemonade Technology Inc. subsidiary, has obtained an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN). This milestone…
- 7 Nov 2024
Africhange Secures IMTO Licence to Streamline Remittance to Nigeria
Africhange, a cross-border remittance service provider, announced today that its Nigerian subsidiary, Currenzo, has secured the International Money Transfer Operator licence from the Central Bank of…
- 25 Jun 2024
CBN Issues IMTOs Naira Access to Boost Liquidity & Diaspora Remittances
Central Bank of Nigeria (CBN), issued new measures to facilitate naira liquidity and raise diaspora remittances. In its latest circular, the apex bank stated that eligible International Money…
- 20 Dec 2020
CBN Orders Banks to Close Naira Accounts of International Money Transfer Operators
Deposit Money Banks (DMBs) in the country have been ordered to close all Naira accounts operated by International Money Transfer Operators (IMTOs). This directive was given to the commercial banks by…
- 7 Mar 2021
CBN to Pay N5 for Every $1 Remittance in New ‘Naira 4 Dollar’ Scheme
The Central Bank of Nigeria (CBN) has introduced a ‘Naira 4 Dollar Scheme’ for diaspora remittances, which offers recipients of diaspora remittances through CBN’s IMTOs to be paid N5 for every $1…
- 13 Jul 2023
CBN Directs Banks to Pay Diaspora Remittances to Beneficiaries in Naira
Central Bank of Nigeria (CBN) has directed International Money Transfer Operators (IMTOs) to commence remittances pay-out in both Naira and foreign exchange to beneficiaries, according to Vanguard…
- 27 Apr 2021
CBN Licenses 10 More International Money Transfer Operators
The Central Bank of Nigeria (CBN) has granted operating licences to 10 additional international money transfer operators (IMTOs) as part of efforts to boost diaspora remittances. With the new…
- 19 Dec 2024
Diaspora Remittances to Nigeria Reach $4.22 Billion in 2024, Says CBN
Central Bank of Nigeria (CBN) has announced that diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024. This figure…
- 25 Oct 2016
Wi-Pay Secures Intl Money Transfer Operations Approval from CBN
Wi-Pay has announced it has been granted an approval-in-principle by the Central Bank of Nigeria (CBN) for international money transfer operations (IMTO). In the letter received from the CBN and…
- 30 Nov 2020
CBN Removes Restriction on Forex Receipt through Domiciliary Accounts
Beneficiaries of Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in the foreign currency (US Dollars) through the designated bank of…
- 18 Jun 2023
CBN Approves eNaira as Payment Option for Diaspora Remittance
The Central Bank of Nigeria (CBN) has announced the introduction of its digital currency known as the eNaira as a payment option to recipients of diaspora remittance. The apex bank said the move was…
- 17 Dec 2020
CBN to Sanction Operators Paying Naira for Diaspora Remittances
Central Bank of Nigeria (CBN) has warned operators against paying recipients of diaspora remittances in local currency. It warned that violators could lose their operational licences if they failed…
- 16 Dec 2020
Azimo, Transfer Wise are Operating Illegally- CBN
Central Bank of Nigeria (CBN) has warned the general public to be careful of doing business transactions with Azimo and Transfer Wise. The apex bank said that anyone who transacts with the firms is…
- 24 Dec 2020
CBN Asks Banks to Close Naira Remittances Ledgers
Central Bank of Nigeria (CBN) has mandated Deposit Money Banks (DMBs) to close all ‘Naira General Ledgers’ used by the lenders to remit naira to Diaspora remittances beneficiaries. Godwin Emefiele,…
- 2 Feb 2024
CBN bans Banks and Fintechs from International Money Transfer Services
Central Bank of Nigeria (CBN) has prohibited banks and financial technology companies (fintechs) from offering international money transfer services. This development is outlined in the revised…
- 31 Aug 2016
WorldRemit Lauds Restoration of Money Transfers to Nigeria
WorldRemit, the leading digital remittance service, commends the restoration of money transfers to Nigeria, following the decision of the Central Bank of Nigeria (CBN) to approve WorldRemit and ten…
- 28 Dec 2020
ABCON Seeks to Become Payment Agents for Diaspora Remittances
The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout agents for Diaspora remittances. Alhaji…
- 3 Aug 2016
CBN Okays Cheques into Savings A/Cs, Removal Interests on ATM Cards
Central Bank of Nigeria (CBN) on Tuesday approved the payment of cheque deposits into savings accounts, in one of its new four new guidelines for the banking industry. Prior to this development, bank…
- 13 Nov 2024
Nigeria's Foreign Reserves Surge to $40.08bn, Marking a Two-Year High
Nigeria’s foreign reserves surged to $40.08 billion on November 7, 2024, marking their highest level in almost two years, as reported by the Central Bank of Nigeria (CBN). This increase reflects a…
- 22 Jan 2021
CBN to Descend on Remittance Violators
Central Bank of Nigeria (CBN) has vowed to withdraw the operating licences of operators who continue to violate rules regulating dispora remittances into the country. Mr. Godwin Emefiele, CBN…
- 26 Aug 2016
CBN Warns Banks on Illicit Money Transfer Flows
‎Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the…
- 9 Apr 2024
Zeepay Raises Equity from Leading Institutions to Support its ongoing Expansion
Africa50 and Oikocredit lead equity investment in Ghanaian fintech Zeepay to support Africa expansion; The investment will support the expansion of Zeepay’s cross-border remittances and mobile…
- 28 Apr 2021
How CBN Injected $1.47bn into Forex Market in one Month
The Central Bank of Nigeria injected $1.47bn into the foreign exchange segment of the market as part of its efforts to stabilise the naira in January. According to figures from the CBN’s January…
- 16 Jul 2021
Foreign Exchange Inflows still Below Pre-COVID Levels
Tunde Abidoye According to the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin for Quarter 4, 2020, total Foreign Exhange (FX) inflows into the Nigerian economy declined by -6.4% q/q…