Following a directive of the Central Bank of Nigeria (CBN), Nigerians are now to receive payments in Dollar from abroad in Naira.
The apex bank made the disclosure on Wednesday to International Money Transfer Operators via a circular addressed to Deposit Money Banks, IMTOs and Nigerians signed by the CBN Director of Trade and Exchange Department, O. S. Nnaji.
The circular listed 62 approved IMTOs to carry out the directive. They include Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, Interswitch Limited, Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited and CP Express Limited.
The circular, titled: “Payout Option in Naira Receipt of Proceeds of Diaspora Remittances,” said: “Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020 in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers”.
“Accordingly, all recipients of diaspora remittances through the CBN approved IMTOS on the attached list shall henceforth have the option of receiving Naira payment in addition to USD and eNaira as payout options.
“For the avoidance of doubt, International Money Transfer Operators are required to pay out the proceeds using the Investors & Exporters’ Window rate as the anchor rate on the day of the transaction. This regulation takes effect immediately. Please note and ensure compliance.”
