The CBN Gives Payment Service Banks Permission To Sell Dollar

The Central Bank of Nigeria (CBN) published a supervisory framework for payment service banks yesterday (PSB). The framework allowed PSB operators to sell foreign currencies, particularly dollars, to authorised foreign exchange dealers, among other things. The PSBs were also given permission by the CBN to accept deposits from people and small businesses that would be covered by the deposit insurance system, as well as to conduct payments and remittances (including inbound cross-border personal remittances) through various channels within Nigeria. According to the framework, operators are expected to use technology to deliver services that are easily accessible to the unbanked people […]