News

Nigerians Can Now Receive Diaspora Remittances In Naira – Says CBN

CBN says Nigerians can now receive diaspora remittances in naira.

 

Glamtush reports that the Central Bank of Nigeria (CBN) has disclosed that the nation’s official currency, the naira can now stand as a payout option for remittances from the diaspora.

This online newspaper understands that this 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 mandated that in ascertaining the rate for such a naira payout, the foreign exchange rate from the investors and exporters (I&E) window be used.

The change implies that in addition to the already available options of receiving money in dollars or eNaira, beneficiaries of diaspora remittances will now also have the choice of receiving their funds in naira.

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 noted that the regulation takes immediate effect and compliance is demanded.

CBN also in the circular updated its list of registered International Monetary Transfer Operators (IMTOS) in the country.

It approved five additional IMTOs to facilitate diaspora remittances.

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

GLAMTUSH

Recent Posts

SDNON Unveils Ambitious Plans For 2025, Celebrates Outgoing Executives

The newly elected SDNON excos have unveiled their ambitious plans for 2025 and celebrated the outgoing executives.…

13 hours ago

Primate Ayodele Releases 2025 Prophecies For All Sectors

The leader of the INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has released his 2025…

23 hours ago

Timeless Tunes: How Throwback Songs Bond Africans In 2024

Music has always been central to African culture, reflecting societal changes while connecting generations. In…

2 days ago

Sinach To Feature In Global Christian Event, Gather25

Sinach is set to feature in the global Christian event, Gather25.   Glamtush reports that Gather25,…

2 days ago

Yahaya Bello Released After Meeting Bail Conditions

Yahaya Bello has been released after meeting his bail conditions.   Glamtush reports that former…

2 days ago

Makinde Cancels Birthday Celebration To Honour Ibadan Stampede Victims

Makinde has cancelled his birthday celebration to honour the Ibadan stampede victims.   Glamtush reports that Governor…

2 days ago