Deposit Money Banks (DMBs) have been directed by the Central Bank of Nigeria (CBN) to close all Naira General Ledgers used by the banks to pay diaspora remittances beneficiaries.
CBN Governor, Godwin Emefiele said the Naira General Ledgers were channels through which the naira remittances were hitherto carried out.
The apex bank has also configured the key IT infrastructure in banks, International Money Transfer Operators- IMTOs- which include Western Union, Moneygram and Ria services for remittance s collection.
The apex bank had earlier directed IMTOs to pay Diaspora remittances beneficiaries in dollars or currency of their choice.
Despite the order, few operators have continued to pay remittances in local currency pushing the apex bank to direct immediate shutdown of the banks’ naira general ledgers.
The initial directive was followed by an oder mandating Switches and Processors to cease all local currency transfers in respect of foreign currency remittances through IMTOs.
“Following the announcement of these new policy measures, the Central Bank of Nigeria, in an effort to enable smooth implementation, engaged with the commercial banks and the International Money Transfer Operators -IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice,” Emefiele said.
The apex bank boss said that stakeholders have committed that they would deploy all the necessary tools to ensure that these measures become effective.
“I therefore seize this opportunity to announce to Nigerians both at home and in the Diaspora, that the policy of recipients receiving their monies from abroad has kicked off. All the IT systems of these IMTOs (Western Union, Moneygram and Ria services) and the DMBs have been properly configured to begin remittance,” he said.
Emefiele assured stakeholders that the new policy measures would help in providing a more convenient channel for Nigerians in the Diaspora to remit funds back to Nigeria, as well as ensure that these funds can contribute to the overall development of the economy.
