Nigeria’s Central Bank Blocks All But Three Money Transfer Operators In The Country

The Central Bank of Nigeria, CBN, has blocked hundreds of firms for money transfers to Nigeria from other countries in the world.  Only three companies – Western Union, MoneyGram and Ria – will be able to continue operations, following an extreme and unexpected move by the Central Bank of Nigeria.

All other international Money Transfer Operators, have been instructed by their local correspondents that transfers to Nigeria will no longer be processed and is, accordingly, suspending services immediately.  WorldRemit, one of the international money transfer operators affected by the policy, said it sends more than 40,000 money transfers to Nigeria every month and receives more than $20 billion in remittances annually from migrants around the world. Read more on this story here.