The Central Bank of Nigeria (CBN) monday increased the maximum value for the recently introduced outbound international money transfer services from $2,000 per transaction to $5,000 per transaction.
The central bank disclosed this in a circular posted on its website titled: “Guidelines for the Operation of International Money Transfer Services (IMTS) in Nigeria –review of allowable limit”.
The 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.
“Authorised dealers and members of the public are hereby notified that the threshold of $2,000 per transaction has been reviewed upward.
“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 explained.
However, it stressed that the service is only applicable to “person-to-person” transfer, stating that “for the avoidance of doubt, corporate entities are not allowed to use this product.”