In furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make
The apex bank recently released the list of 60 firms approved as International Money Transfer Operators (IMTOs) to render international money transfer services.
Others on the list include Nigeria Postal Service, (NIPOST), First
Under the regulatory regime for international Money transfer operators in Nigeria, Deposit Money Banks such as First Bank Nigeria, Polaris Bank are prohibited from operating as IMTOs. the DMBs can
The international remittance markets have grown significantly in Nigeria, with major contributions to investments and commerce. Nigeria’s diaspora annual remittance in the range of $21 billion is considered the largest in Africa and projected to hit $41 billion in 2016.
Prior to the
In 2007 the World Bank published the General Principles for International Remittance Services, whereby the use of exclusivity as a condition for offering remittance services was discouraged.
In 2008 the Central Bank of Nigeria (CBN), through its Directive BSD/DIR/CIR/GEN/VOL 2/017prohibited all banks from signing exclusivity clauses with international money transfer operators (IMTOs) and ordered a review of all existing agreements to expunge such clauses on the basis that it restrains competition and increases the cost of money transfer services to end users.