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.
The apex bank in a statement signed by O.S. Nnaji, director
of trade & exchange of CBN, 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.
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