April 17, 2024 2:07 pm
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Exciting News: Nigerians Can Now Receive Diaspora Remittances in Naira! CBN Makes It Happen

The Central Bank of Nigeria (CBN) has announced that the naira, the nation’s official currency, can now be chosen as a payout option for diaspora remittances. This new development was disclosed in a circular dated July 10, 2023, signed by O.S. Nnaji, the Director of CBN’s Trade and Exchange Department.

The circular also stated that the exchange rate from the investors and exporters (I&E) window would be used to determine the rate for the naira payout. This means that recipients of diaspora remittances now have the option to receive their funds in either dollars, eNaira, or naira.

The circular addressed the general public, deposit money banks, international money transfer operators (IMTOs), and other relevant parties. It announced that all recipients of diaspora remittances through the CBN-approved IMTOs listed in the circular can now choose naira as a payout option along with USD and eNaira.

Furthermore, International Money Transfer Operators are required to use the Investor & Exporter’s window rate as the anchor rate on the day of the transaction when paying out the proceeds.

The regulation is effective immediately, and compliance is mandatory. The CBN also updated its list of registered International Monetary Transfer Operators (IMTOs) in the country, approving five additional IMTOs to facilitate diaspora remittances. The newly authorized IMTOs are CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited.

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