CBN issues fresh guidelines on receipt of foreign remittances

The Central Bank of Nigeria (CBN) has announced that beneficiaries of diaspora remittances through the International Monetary Transfer Operators (IMTO) will now receive such inflows in foreign currency (US Dollar) through the designated bank of their choice.

CBN in a statement signed by O.S. Nnaji, Director of Trade and Exchange, said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their 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 would receive a market reflective exchange rate for the market,” the statement said.

CBN also noted that beneficiaries will have unlimited access and utilisation to such foreign currency proceeds, either in cash and or in their domiciliary accounts.