CBN orders banks to open new dollar accounts

The Central Bank of Nigeria (CBN) has given directive to commercial banks to open new dollar account for receiving international money transfers.
WorldRemit- an International Money Transfer Operators (IMTO)  disclosed the CBN policy to to its clients.
Recall that two months ago, CBN raised the alarm that its policy, empowering IMTOs to pay diaspora remittances beneficiaries in dollars is not being adhered to.
Because of the non-adherence to the rule, the CNN further directed that all mobile money operators should disable wallets from receipt of funds from IMTOs .
CBN Governor, Godwin Emefiele said that analysed data on IMTOs inflows shows that pthat some IMTOs, instead of creating more efficient ways for Nigerians in the Diaspora to remit funds, resorted to engaging in arbitrage arrangements on the naira-dollar exchange rate.
Responding to the news CBN’s policy, WorldRemit described the CBN announcement as a good development, adding that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US Dollar bank accounts .
“This development ensures that all international money transfers will be successfully processed even if senders enter Naira account details for transactions.
“Further to this announcement, the CBN also stated that a $2,000 withdrawal limit will apply to these accounts,” it said.
Country Manager, Nigeria and Ghana, at WorldRemit, Gbenga Okejimi, said: “We are very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf. This development will make all the difference to those who receive support from family and friends abroad”.

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