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Nigerians can now receive diaspora remittances in naira – CBN

THE Central Bank of Nigeria (CBN) has stated that the national currency of Nigeria, the naira, can now be used as a payout option for remittances from the diaspora.

The was contained in a circular dated July 10, 2023, and signed by CBN’s Director, Trade and Exchange Department, O.S. Nnaji.

Additionally, the apex bank stipulated that the foreign exchange rate from the investors and exporters (I&E) window be utilized in determining the rate for such a naira payout.

The adjustment suggests that recipients of diaspora remittances will now have the option of receiving their monies in naira in addition to the currently existing alternatives of receiving money in dollars or eNaira.

Also the general public, deposit money banks, international money transfer operators (IMTOs), and other parties were all addressed in the circular.

The statement reads, “Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020, in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.

“Accordingly, all recipients of diaspora remittances through the CBN-approved IMTOs on the attached list shall henceforth have the option of receiving naira payment in addition to USD and eNaira as payout options.

“For the avoidance of doubt, International Money Transfer Operators are required to pay out the proceeds using the Investor & Exporter’s window rate as the anchor rate on the day of the transaction.”

It was underlined that the policy becomes effective right away and that compliance is required.

In the circular, the CBN also revised its list of the nation’s authorized International Monetary Transfer Operators (IMTOS).

it sanctioned five more IMTOs in order to encourage remittances from the diaspora.

The additional five IMTOs were approved by the apex bank as CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited.

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