The Central Bank of Nigeria (CBN) has unveiled a new set of rules and regulations for in-country clearing and settlement of foreign currency fund transfers among Nigerian banks.
According to the Apex Bank, the rules provide minimum standards and requirements for the efficient and safe operation of in-country clearing and settlement of foreign currency (FCY) transfers among financial institutions in the country.
While the new rules would improve the efficiency of the in-country FCY transfer, they also provide measures that would address some of the challenges facing the current system for switching Foreign Currency transfers, such as high cost associated with correspondent banking services, delay and inefficiencies with processing foreign remittances for a third party including International Money Transfer Operator License (IMTO).
This would result in faster, cheaper, and more transparent FCY transfers among banks.
Parties to In-Country FCY Funds Transfer Clearing and Settlement Parties to FCY funds transfer, clearing, and settlement in Nigeria shall include but not be limited to: Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System PLC (NIBSS), authorized dealer banks, International Money Transfer Operators (IMTOs), customers of ADBs and any other institution as may be approved by CBN.
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