The Central Bank of Nigeria has reiterated and clarified the procedures involve in receiving diaspora remittance in the US Dollar or Naira. A move aimed at enhancing the dollar supply in the economy.
See the CBN new procedures as contained in the circular titled: “Re: Amendment to Procedures for receipt of Diaspora Remittances” published on December 2, 2020 and signed by the Director, Trade and Exchange Department of the Apex Bank, Mr. O. Nnaji.
IMTO Pays directly into Deposit money Bank: International Money Transfer Operators have been directed to make the payment to the bank of the recipients.
Banks Pay directly to Recipient: As directed by the Apex bank, “Agent Banks (Deposit Money Banks) in Nigeria will be responsible for all payment to beneficiaries/recipients either in foreign currency cash (USD) or into the benehciaries’/recipients’ domiciliary account in Nigeria.
Recipients/Beneficiaries Decide the currency to be paid: CBN has just introduced an opportunity to decide the choice of currency they wish to be paid. The circular reads that: “the mode (if payment either in cash or transfer is at the sole discretion of the beneficiaries/recipients.”