By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Thursday announced that Nigerians can now transfer up to $2,000 abroad to relatives via the Outbound Money Transfer Services in partnership with the Western Union Money Transfer (WUMT).

The CBN said Godwin Emefiele, the governor will as part of the key initiative of the bank will on Friday, August 15, 2014, launch the outbound service in partnership with the Western Union.

According to the CBN, the outbound service, which is first of its kind in Nigeria, will provide Nigerians the opportunity of transferring funds up to US$2,000 to their relatives and dependents abroad (person to person transfer).

Nigeria’s central bank said with this new arrangement, Nigerians will only pay the Naira equivalent to the Money Transfer Service Operators for foreign currency disbursements to recipients abroad.

The CBN had recently approved new guidelines for International Money Transfer Services in Nigeria.