✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

Nigerians can now Collect Diaspora Remittances in Naira, says CBN

The Central Bank of Nigeria (CBN) has announced the inclusion of the naira as a payout option for diaspora remittances. CBN also directed that the…

The Central Bank of Nigeria (CBN) has announced the inclusion of the naira as a payout option for diaspora remittances.

CBN also directed that the investors and exporters (I&E) window foreign exchange rate should be used in determining the rate for such naira payout.

The initiative projects that any Nigerian receiving remittances from abroad, henceforth, will have the option to receive their proceeds in naira.

This also means the development is in addition to the existing alternatives of dollar and eNaira.

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

CBN needs to increase interest rate to combat inflation

Ecobank Vs Otudeko: Why we have not acted- CBN

The circular was addressed to deposit money banks, international money transfer operators (IMTOs) and the general public.

It 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.”

“This regulation takes effect immediately. Please note and ensure compliance.”

In the circular, the CBN updated its list of registered IMTOs in the country.

The list was extended from 57 IMTOs in April 2021 to 62.

IMTOs receive cash for the purpose of transmitting to persons resident in Nigeria or another country.

They also execute cross-border transfer services for personal purposes such as money transfer services towards family maintenance and money transfer services for foreign tourists visiting Nigeria.

The five additional IMTOs approved by the CBN are CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited.

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.