As part of efforts to boost the foreign exchange market and provide more liquidity, the Central Bank of Nigeria (CBN), Abuja, has directed that henceforth beneficiaries of Diaspora remittances shall receive their money in foreign currency (US dollars) through their designated bank of choice.
In addition, the Apex Bank said recipients of such remittances also have the option of receiving the funds in foreign exchange cash (US dollars) or paid into their ordinary domiciliary account.
The latest measures are contained in a circular issued by the Trade and Exchange Department dated November 30, 2020 to all authorized dealers and general public, entitled: “Amendment to procedures for receipt of Diaspora remittances’’, and given to Persecondnews.
The circular signed by the Director, Trade and Exchange Department, Dr O.S. Nnaji, said:“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.
“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 exchange rate for their inflows.’’
While urging strict compliance with the directive, the CBN said authorized dealers and the public should note that beneficiaries shall have unfettered access and utilization to such foreign currency proceeds, either in cash and or in their domiciliary accounts.
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