The apex bank disclosed this in a circular dated July 10, 2023, and signed by its Director, Trade and Exchange Department, O.S. Nnaji.
Also, the CBN directed that in ascertaining the rate for such a naira payout, the foreign exchange rate from the investors and exporters (I&E) window be used.
This implies that in addition to receiving money in dollars or eNaira, beneficiaries of diaspora remittances will now also have the choice of receiving their funds in naira.
The circular notied the general public, deposit money banks, international money transfer operators (IMTOs), and other parties about the development.
The circular reads: “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 Investor & Exporter’s window rate as the anchor rate on the day of the transaction.”
It noted that the regulation takes immediate effect and compliance is demanded.
Also, the CBN updated its list of registered International Monetary Transfer Operators (IMTOS) in the country and approved five additional IMTOs to facilitate diaspora remittances.
It also authorized CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited as the additional five IMTOs.
Below is the circular:
