Nigerians Can Now Get Remittances From the Diaspora in Naira – CBN

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

the Director of CBN’s Trade and Exchange Department, O.S. Nnaji, signed a circular with the same date and signature on July 10, 2023.

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.

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

The Central Bank of Nigeria officially announces Naira as a payout option for receivers of proceeds from international money transfers, further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020, in respect of the said topic.

Therefore, in addition to receiving USD and eNaira as payout choices, all beneficiaries of diaspora remittances through the CBN-approved IMTOs on the accompanying list shall going forward have the choice of receiving naira payment.

For the avoidance of doubt, International Money Transfer Operators must pay out the funds on the day of the transaction using the Investor & Exporter’s window rate as the anchor rate.

It was underlined that the rule 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).

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

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.