Home News CBN amends FX rules on Diaspora remittances

CBN amends FX rules on Diaspora remittances

by News Echo

The Central bank of Nigeria (CBN) has amended procedures for receipt of foreign exchanges remittances by Nigerians living abroad.
In a statement signed by the Director, Trade and Exchange Department, O. S. Nnaji, the apex bank said that henceforth beneficiaries of Diaspora remittances through international money transfer operators shall receive such inflows in foreign currency (US Dollars) through the designated banks of their choice.

He said that such recipients might have the option of receiving these funds in foreign currency cash (US (Dollars) or into their ordinary accounts.

Nnaji said that the amendment was in effort to liberalise, simplify and improve the receipt of and administration of Diaspora remittances into Nigeria and to deepen the foreign exchange market as well as providing more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria.

The statement added, “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 arte for their inflow.”

The apex bank directed all authorized dealers to allow unfettered access and utilization to such foreign currency proceeds, either in cash and/or in their domiciliary accounts
It is not however clear whether the directive affected other foreign currencies as mention was made of only US Dollars.

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