The Central Bank of Nigeria has granted beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOS) authorization to henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice.
“Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account,” said Dr O. S. Nnaji, Director of Trade and Exchange Department of the CBN, in a memo sent to all authorized dealers and general public.
The memo described the changes as “an effort to liberalize, simplify and improve 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.”
The memo added “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.”
It urged all authorized dealers and the general public to note that beneficiaries shall have unfettered access and utilization to such foreign currency proceeds, either in cash and/or in their Domiciliary Accounts, in line with the memo.