The
Central Bank of Nigeria (CBN) has reviewed the guidelines on international
monetary transfer services.
The
review, according to the bank, was carried out in order to accommodate inbound
as well as the outbound money transfer services that was introduced recently.
The
19-page document titled: ‘Guidelines on International Money Transfer Services
in Nigeria, obtained on the CBN’s website yesterday, stated that all inbound
money transfer to Nigeria would be disbursed to beneficiaries who operate a
bank account, mobile money wallets with the agent or through ATM.
Also,
the central bank noted that the maximum allowable cash withdrawals for inbound
money transfer shall not be more than $500, adding that any amount in excess of
$500 would be paid through an account.
However,
where the beneficiary does not have a
