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HomeBusinessCBN Announces Amendment To Procedures for Receipt of Diaspora Remittances

CBN Announces Amendment To Procedures for Receipt of Diaspora Remittances

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By Babajide Okeowo

In an effort to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria, the Central Bank of Nigeria (CBN) has announced an amendment to procedures for receipt of diaspora remittances.

As it stands, CBN has now given the go-ahead to allow diaspora remittances to be withdrawn in the greenback and to be sold at the black market and official Importers & Exporters window.

This disclosure was made in a circular dated November 30, 2020, issued by CBN to all authorized dealers and the general public and signed by its Director for Trade & Exchange Department, Dr O.S. Nnaji.

“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.

Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.

These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora Remittances into Nigeria.

In addition, 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.

All 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. Please ensure strict compliance and be guided accordingly” the circular stated.

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