Nigerians can now receive Diaspora remittances in Naira –CBN

*The Central Bank of Nigeria says the beneficiaries of Diaspora remittances now have the choice of receiving their funds in Naira in addition to the existing options of receiving such money in Dollars or e-Naira, the Bank’s digital currency

Isola Moses | ConsumerConnect

Besides the extant options of options of receiving money in Dollars or eNaira, the Central Bank Digital Currency (CBDC), the Central Bank of Nigeria (CBN) has disclosed the beneficiaries of Diaspora remittances now have the choice of receiving their funds in Naira.

The Bankers’ Bank noted the Naira could then stand as a payout option for remittances from the Diaspora.

Mr. Adebisi Shonubi, Acting Governor of CBN 

ConsumerConnect reports O.S. Nnaji, Director of Trade and Exchange Department at CBN, disclosed the development in a circular dated and signed July 10, 2023, to Nigerian Deposit Money Banks (DMBs).

The CBN also mandated banks to adopt the Foreign Exchange (Forex) rate from the investors and exporters (I&E) window in ascertaining the rate for such a Naira payout to consumers.

It noted the new regulation takes immediate effect as compliance is required.

The circular also addresses the general public, International Money Transfer Operators (IMTOs), and other parties in the country’s financial ecosystem.

Aside from the already available options of receiving money in Dollars or eNaira, beneficiaries of diaspora remittances will now also have the choice of receiving their funds in Naira.

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.”

The Bank said: “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.”

CBN updates list of registered IMTOs

The Bank in the fresh circular also updated its list of registered International Monetary Transfer Operators (IMTOS) in Nigeria.

It approved five additional IMTOs to facilitate diaspora remittances.

The country’s banking sector regulator as well authorised CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited as the additional five IMTOs.

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