As part of efforts to improve visibility of foreign remittance flows into the country, the Central Bank of Nigeria (CBN), on Thursday said it is developing a central reporting portal to be managed by the Nigerian Interbank Settlement System (NIBSS).

The apex bank announced this in its additional operational guidelines on receipt of diaspora remittances through International Money Transfer Organisations (IMTOs) through their designated banks, jointly signed by Dr. Ozoemena Nnaji and Musa Jimoh, its directors of Trade & Exchange, as well as Payments System Management Departments respectively.

While acknowledging material compliance by majority of market participants, with beneficiaries now receive their funds in foreign currency, the CBN now requires IMTOs “to immediately disclose to beneficiaries that they exercise discretion to receive transfer in foreign currency cash or directly into their domiciliary accounts.”

As part of the additional operational guidelines, switches and processors must immediately cease all local transfers in respect of foreign remittances through IMTOs.

Money Market Operators are to immediately disable wallets from receipts of funds from IMTOs; while payment service providers must cease integrating their systems with IMTOs going forward and must prevent comingling of remittances with other legitimate transactions.

Expressing commitment to promoting transparency in the administration of diaspora remittances into Nigeria, the CBN said it will continue to enforce policies capable of stabilizing and deepening the Nigerian foreign exchange market, warning that contravention of the guidelines “will attract stiff regulatory sanctions, including revocation of license.”