The Central Bank of Nigeria (CBN) has released the list of 47 International Money Transfer Operators (IMTOs) approved to receive foreign exchange remittances from Diaspora Nigerians.
According to the list posted on the CBN’s website, 17 of the IMTOs were based in the United Kingdom; 14 in Lagos; eight in the United States of America; three in Abuja; two in Senegal and one each in Ibadan, Morocco, and Belgium.
Recall that the central bank had banned unauthorized international money transfer operators from such transactions, warning that it would apply severe sanctions against them if they remained adamant.
Also, the CBN Governor, Godwin Emefiele, had announced the introduction of an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.
Emefiele explained that the move was part of CBN’s reforms to boost the inflow of foreign currency into the country, saying that the N5 for every $1 fund remitted to Nigeria initiative would begin today, Monday, March 8.
The CBN governor noted that the N5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations.
According to him, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the central bank.”
See list of the International Money Transfer Operators in Nigeria: