CBN directs payment of dollar receipts in naira, Nigerians can now collect diaspora remittances in naira

The apex bank also directed that the investors and exporters (I&E) window foreign exchange rate should be used in determining the rate for such naira payout.

The development means recipients of diaspora remittances will now have the option to receive their proceeds in naira, in addition to the existing options of dollar and eNaira.

The directive was contained in a circular dated July 10, 2023, and signed by O.S. Nnaji, director, trade & exchange department, CBN.

The circular was addressed to deposit money banks, international money transfer operators (IMTOs) and the general public.

“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,” the circular reads.

“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.”

“This regulation takes effect immediately. Please note and ensure compliance.”