The Central Bank of Nigeria (CBN) earlier today published an amendment to the procedures for receipt of diaspora remittances. According to the publication seen by Investogist, the APEX bank stated that it was an effort to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
- Read also; Naira value crashes to new low, exchanges at N500/$1 at the parallel market
- Nigerian Stock Market daily report: AIRTELAFRI and MTNN drag market to 0.45% gain
The amendments will be as follows;
- Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (USD) through the designated bank of their choice.
- Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their domiciliary account.
The document signed by Dr. O.S Nnaji, Director Trade & Exchange Department, went further to say that the changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency and create more transparency in the administration of Diaspora Remittances in Nigeria.
In addition, the changes is expected to 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.
By; Nnamdi M.
