Central bank reviews international money transfers
from HENRY IFEANYI in Lagos, Nigeria
LAGOS – THE Central Bank of Nigeria (CBN) has announced a review of the guidelines for international money transfers.
Part of the new review include a restriction of the maximum outbound transfer of $2 000 through licensed agents.
The new review also restricts banks from directly engage in international money transfers but allowed to act as agents of licensed operators.
The 18 page review also mandated that money transfer services operator must disclose to its customers, details of applicable exchange rates, commissions, fees and any other amount that may be charged by the banks/
agents involved in a transfer.
A circular has been issued to all banks and agent money transfer operators to comply with the review.
– CAJ News
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