CBN releases new guidelines for diaspora remittances

The Central Bank of Nigeria has issued new guidelines for beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO)

Acccording to the new guidelines, beneficiaries would now receive funds in foreign currency (US Dollar) through the designated bank of their choice.

The statement was released and signed by O.S Nnaji, Director of Trade and Exchange of CBN.

He 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 would receive a market reflective exchange rate for the market,” the statement said.

The statement added that beneficiaries will have unlimited access to the proceeds, either in cash and or in their domiciliary accounts

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