International Money Transfer Operators and banks in the country have halted the payment of dollars to their customers.
Some banks have informed their customers that they would no longer be able to receive dollars from family and friends in the diaspora.
This followed the issuance of revised guidelines for International Money Transfer Operators by the Central Bank of Nigeria on January 31st.
In the revised guidelines, the apex bank restricted IMTOs from outbound transfers and stated that beneficiaries of all inbound money transfers to Nigeria would be paid in naira, either in cash or through a bank account.
It added that funds that are more than $200 would be paid through a bank account.
IMTOs are companies approved by the CBN to facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria and the payment of a corresponding sum to a beneficiary through a clearing network to which the IMTO belongs.
The CBN, in its revised guidelines, said, “All inbound money transfers to Nigeria shall be paid to beneficiaries in naira through a bank account, or cash.
Although the guidelines said that banks and fintech were banned from international money transfer services, the banks could act as agents and most of them are already.
The apex bank also asked IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the nation’s official foreign exchange market.