Nigerians Can Now Receive Diaspora Remittances In Naira – CBN

The Central Bank of Nigeria (CBN) has announced that the naira, the country’s official currency, can now be chosen as a payout option for remittances from the diaspora.

This information was conveyed in a circular dated July 10, 2023, signed by the Director of CBN’s Trade and Exchange Department, O.S. Nnaji.

The CBN further specified that the foreign exchange rate from the investors and exporters (I&E) window should be used to determine the rate for naira payouts.

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This means that recipients of diaspora remittances will now have the option to receive their funds in naira, in addition to the existing choices of dollars or eNaira.

The circular addressed the general public, deposit money banks, international money transfer operators (IMTOs), and other relevant parties.

According to the statement, the CBN updated its regulations to include naira as a payout option for international money transfers.

The approved IMTOs listed in the circular are required to offer naira payment alongside USD and eNaira options to recipients of diaspora remittances.

It was emphasized that IMTOs must use the Investor & Exporter’s window rate as the reference rate on the day of the transaction when paying out the proceeds.

The CBN stated that the regulation is effective immediately and compliance is mandatory.

In addition, the circular also included an update to the list of registered International Monetary Transfer Operators (IMTOs) in Nigeria.

The CBN authorized five additional IMTOs to facilitate diaspora remittances. T

he newly approved operators are CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited. These IMTOs have been given the authorization to carry out remittance services for Nigerians abroad.