TRENDING IN 48-Hrs

Looks like you have blocked notifications!

BREAKING: CBN issues new guidelines for receipt of foreign remittances

The Central Bank of Nigeria has announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now such inflows in foreign currency (US Dollar) through the designated bank of their choice.

This was contained in a statement signed by the director of trade and exchange of CBN, O.S. Nnaji.

The director said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.

“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 statement read.

“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.”

The apex bank also noted that beneficiaries shall have unfettered access and utilisation to such foreign currency proceeds, either in cash and or in their domiciliary accounts.

Looks like you have blocked notifications!

RELATED STORIES

[rp4wp limit=4]

MOST READ TODAY

SUBSCRIBE TO Within Nigeria ON WhatsApp

MOST READ TODAY

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More