Nigeria's central bank issues international money transfer guideline

Jun 09, 2014

The Central Bank of Nigeria (CBN), on Thursday (5 June) published a guideline on international money transfer.

The Central Bank of Nigeria (CBN), on Thursday (5 June) published a guideline on international money transfer.

The CBN stated that
the objective is to provide minimum standards and requirements for International money transfer services operations in Nigeria and specify delivery channels for offering these services in a cost effective manner.

The rules also provide an enabling environment for international money transfer services in the Nigerian economy and outline minimum technical and business requirements for various participants in this industry in Nigeria.

Among the guidelines, outbound money transfer is limited to $1,000 or its equivalent per annum, per person subject to periodic review by the CBN.

A money transfer service operator is not to allow or process a transaction that appears to have been deliberately split into small amounts to avoid the reporting requirements under the provisions of the AML/CFT Act.

In addition, the rules allow that all in-bound money transfers to Nigeria must only be disbursed to beneficiaries through bank accounts, and outward payment transactions shall be executed in a convertible currency agreed between the parties. The guideline is available online at http://www.cbn.gov.ngADNFCR-2976-ID-801726579-ADNFCR