CBN OKAYS DOLLAR COLLECTION FOR DIASPORA REMITTANCES

Written by on December 1, 2020

THE CENTRAL BANK OF NIGERIA (CBN) HAS STOPPED NAIRA PAYMENT TO RECIPIENTS OF DIASPORA REMITTANCES (DOLLAR INFLOWS) FROM INTERNATIONAL MONEY TRANSFER OPERATORS (IMTOS).

THE CUSTOMERS ARE BY A NEW REGULATION RELEASED, ALLOWED TO RECEIVE THEIR FUNDS THROUGH FOREIGN CURRENCIES OF THEIR CHOICE, INCLUDING PAYMENT OF THE FUNDS INTO DOMICILIARY ACCOUNTS.

THE NEW POLICY, CONTAINED IN A CIRCULAR SIGNED BY CBN DIRECTOR, TRADE & EXCHANGE DEPARTMENT, O.S. NNAJI, IS EXPECTED TO SIMPLIFY AND IMPROVE RECEIPT AND ADMINISTRATION OF DIASPORA REMITTANCES INTO NIGERIA.

ACCORDING TO NNAJI, RECIPIENTS OF SUCH IMTOS REMITTANCES HAVE THE OPTION OF RECEIVING THESE FUNDS IN FOREIGN CURRENCY CASH OR INTO THEIR DOMICILIARY ACCOUNTS.


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