CBN names 62 IMTO as payout option for Naira
The Central Bank of Nigeria (CBN) has named 62 International Money Transfer Operators (IMTO) in Nigeria for seamless remittances of dollar into the country.
The new list increased to 62 from the previous 47 names.
The Director, Trade & Exchange Department, CBN, Dr. O. S Nnaji in a circular titled; “Payout option in Nigeria for receipt of proceeds of diaspora remittances”, stated that all recipients of diaspora remittances through the CBN approved IMTOs on the attached list shall henceforth have the option of receiving Naira payment in addition to USD and eNaira as payout options.
“For the avoidance of doubt, IMTO are required to pay out the proceeds using the investors & Exporters (I & E FX) Foreign Exchange window rate as the anchor rate on the day of the transaction,” the circular explained.
According to reports, the operators play an essential role in diaspora remittances. Some authorized operators in Nigeria include prominent ones such as Western Union, MoneyGram, PayPal Ria Financial, Transfer Wise, WorldRemit, PagaTech, Flutterwave, and Interswitch.
Other IMTO operators in Nigeria are AFTAB Currency Exchange Limited, Azimo Limited Belyfted Limited, Cashpot Limited, Caperemit UK Limited, Centrexcard Limited, Chime Inc, Colony Capital Limited, Comet Trading Nigeria Limited, CP Express Limited, CSL Pay Limited, Direkt Wire UK Limited, LeadRemit Limited, Flutterwave Technology Solution Limited, amongst others.
