The Central Bank of Nigeria (CBN) has jacked up the maximum value for the recently introduced outbound international money transfer services from $2,000 per transaction to $5,000 per transaction.
The bank in a document signed by the Director, Trade and Exchange Department at the CBN, Mr. O.I.Gbadamosi, cited a recent guideline on the IMTS with reference number TED/FEM/FPC/GEN/01/016 dated September 26, 2014.
The CBN announced that “Authorised dealers and members of the public are hereby notified that the threshold of $2,000 per transaction has been reviewed upward.
The announcement is contained in a circular posted on its website titled: “Guidelines for the Operation of International Money Transfer Services (IMTS) in Nigeria –review of allowable limit”.
“Accordingly, the allowable limit for the outbound international money transfer of $2,000 per transaction has been increased to $5,000 or its equivalent per transaction,” it stated in the document.
According to the regulator, the service is only applicable to “person-to-person” transfer.
“For the avoidance of doubt, corporate entities are not allowed to use this product,” it said.
