The Central Bank of Nigeria (CBN) has announced that the naira, the country’s official currency, can now be used to pay out remittances from the diaspora.
The circular was signed by CBN’s Director of Trade and Exchange Department, O.S. Nnaji, and dated July 10, 2023.
Furthermore, the apex bank stipulated that the foreign exchange rate from the investors and exporters (I&E) window be utilised in determining the rate for such a naira payout.
Beneficiaries of diaspora remittances will now have the option of getting funds in naira, in addition to the previously available options of receiving money in dollars or eNaira.
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.
