Revised CBN Guidelines On International Money Transfer Services In Nigeria

Introduction

The Central Bank of Nigeria (CBN) on 31 January 2024 released its revised guidelines for international money transfer services in Nigeria. The revised guidelines (the "New Guidelines") provides an updated framework for the licensing and operations of International Money Transfer Organizations (IMTOs) in Nigeria. According to the CBN, the New Guidelines were issued in view of recent reforms to liberalize the foreign exchange market, boost diaspora remittances, and enhance the ease of doing business for IMTOs.

In this newsletter, we examine the changes introduced in the Guidelines and how they differ from the previous guidelines issued in September 2014 (the "Previous Guidelines").