Thursday, August 4, 2016

Video - Nigeria's Central Bank suspends operations of all but 3 remittance firms

A sudden announcement by Nigeria's Central Bank has limited the flow of remittances to the country, to just 3 entities, Western Union, Moneygram and Ria. The decision now leaves millions of Nigerians abroad with limited options to send cash back home. It was only 3 days later that the Central Bank made a public explanation for its actions, arguing that it was partly triggered by quote, "unwholesome of some unlicensed international money transfer operators". When CCTV's Ramah Nyang spoke earlier to World Remit's Alix Murphy, and CCTV's Deji Badmus, it emerged that the CBN's other motive, is tapping into the over 20 billion U.S. dollars of remittances that flow into Nigeria.

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