The Central Bank of Nigeria (CBN) has amended the procedures for receipt of the Diaspora remittances.
The apex bank made the disclosure in a circular signed by its Director, Trade & Exchange Department, Dr O.S. Nnaji, on Monday.
In the circular addressed to all authorised dealers and the general public, the CBN said the move was to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
“The Central Bank of Nigeria (CBN) wishes to announce as follows: Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice,” the circular read in part.
It added: “Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.”
The apex bank said these changes were necessary to “deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora Remittances into Nigeria.”
It continued: “In Nigeria, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients of remittances would receive a market-reflective exchange rate for their inflows.
“Authorized Dealers and the general public should note that beneficiaries shall have unfettered access and utilization to such foreign currency proceeds, either in cash and/or in their Domiciliary Accounts, in line with our circular TED/FEM/FPC/GEN/01/010.”
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