Guideline to the provision of International Money Transfer Services in Nigeria – Part A

IMTS Guidelines

The far-reaching effects of the ongoing COVID-19 pandemic on the global economy have been extensively discussed within the contexts of the technology, business, finance, and energy sectors, as no industry has been spared the disruptive consequences of the pandemic. Relatedly, the already flailing Naira has been hard hit by the additional economic fallout from the pandemic, fueling the existing speculation that the Central Bank of Nigeria (CBN) will be forced to further devalue the Naira.

Considering the increased appetite for foreign currency and potential rise in the inflow of forex and international remittances in Nigeria, we consider in this two-part series, the regulatory framework for international money remittance business and services in Nigeria.

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