PSBs Must Sell Foreign Currency Gains From International Wire Transfers – CBN.

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Payment Service Banks (PSBs) all throughout Nigeria have been given permission even by Central Bank of Nigeria (CBN) to sell foreign currencies realized from incoming cross-border personal remittances to authorized foreign exchange dealers.

Despite the fact that the top bank had instructed PSBs to provide payments and remittance services (including inbound cross-border personal remittances); through a variety of channels within Nigeria, they continued to refuse deposits from people and small enterprises.

In a published supervisory framework for PSBs, the CBN made this statement. The framework gave the PSB operators the ability to sell foreign currency, particularly dollars; they are sell to authorized foreign exchange dealers among other things.

According to the framework, operators are supposed to use technology to create services that are simple for customers to obtain.


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