Beneficiaries of Diaspora remittances through the international money transfer operators (IMTOs) can now receive inflows in dollars through designated banks of their choice, a circular by the Central Bank of Nigeria (CBN) has said.
The latest development which was detailed in a circular by the bank on Monday was aimed at liberalising and improving receipt and administration of Diaspora remittances into Nigeria.
The circular, signed by the Central Bank’s Director of Trade and Exchange Department, Ozoemena Nnaji, said, “Such recipient of remittances may have the option of receiving these funds in foreign currency cash (US dollars) or into their ordinary domiciliary account.
The changes, according to him, are crucial as the apex bank seeks to deepen the foreign exchange market while providing more liquidity 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 of remittances would receive a market-reflective exchange rate for their inflows,” he said.
Based on the directive, the bank expects that all authorised dealers and the public will now have unlimited access and utilisation of such foreign currency either in cash or in their domiciliary accounts.