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Business & Finance

CBN Suspends Money Transfer Service To Nigeria

CBN
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Hundreds of global remittance companies forced to cease transfers as Nigeria’s central bank, CBN suspends money transfers to Nigeria.

In an email from WorldRemit, an online service that allows people send money to friends and family to their clients, the financial institution stated that almost all international money transfer operators have been forced to suspend transfers to Nigeria.

 

Related: CBN Approves 3 Firms for Money Transfers to Nigeria, Blocks Others

The email reads;
”Money transfer service to Nigeria suspended

Dear Client,

As you may have seen in the media, almost all international money transfer operators have been forced to suspend transfers to Nigeria.

Unfortunately, WorldRemit is among them.

This has happened because of drastic and unforeseen action taken by the Central Bank of Nigeria.

Our local partners have been told they can no longer process transfers to bank accounts.

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There was no advance warning that this was going to happen and the money transfer companies affected had no opportunity to appeal.

WorldRemit believes this action to be unfair and we are currently contesting it.

In the mean-time, we are not able to accept new money transfer requests to Nigeria.

We are working to complete all pending transfers. In the limited number of cases where this is not possible, we will communicate with you and arrange a refund.

Our mobile airtime service is unaffected.

If you have previously sent money to Nigeria with us, we will provide updates on the situation by email.

Kind regards,
The WorldRemit team

 


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