The Central Bank of Nigeria, CBN has announced certain changes for receipt of foreign remittances.
The apex bank states that beneficiaries of diaspora remittances, through the international monetary transfer operators (IMTO), will now be allowed to receive inflows in foreign currency (US Dollar) through the designated bank of their choice.
This disclosure was made in a statement signed by O.S. Nnaji, Director of Trade and Exchange, and released on the official website of the bank today, November 30, 2020.
It has also been revealed that recipients of such remittances have the option of receiving these funds in foreign currency cash or into their domiciliary account.
According to the bank, these are attempts aimed at liberalizing, simplifying and improving the receipt and administration of diaspora remittances into Nigeria.
“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 of remittances would receive a market-reflective exchange rate for their inflows”, the statement read in part.
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.