CBN approves Dollar withdrawals for Diaspora remittances

*The Bankers’ Bank says International Money Transfer Operators (IMTOs) can now receive inflows in Dollars through designated banks of their choice in Nigeria

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has said that Nigerian beneficiaries of Diaspora remittances through the International Money Transfer Operators (IMTOs) can now receive inflows in Dollars through designated banks of their choice in the country.

The CBN in a circular Monday said the latest development by the Bank was aimed at liberalising and improving receipt and administration of Diaspora remittances into the economy.

Ozoemena Nnaji, Director of Trade and Exchange Department at CBN, who endorsed the circular said: “Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.”

Nnaji stated that the changes are crucial as the Bankers’ Bank seeks to deepen the Foreign Exchange (Forex) market while providing more liquidity in the administration of diaspora remittances into Nigeria.

He said: “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.”

Sequel to the latest directive, the Bank expects that all authorised dealers and the public will now have unlimited access and utilisation of such foreign currency either in cash or in their domiciliary accounts.

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