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Central Bank of Nigeria (CBN) Allows Naira Payout Option for Diaspora Remittances

July 13, 2023

The Central Bank of Nigeria (CBN) has announced that Nigerians now have the choice to receive their diaspora remittances payout in Naira, according to a recent circular. The circular, dated July 10 and signed by Ozoemena Nnaji, Director of Trade & Exchange Department, states that the Naira is now an available option for receiving international money transfers.

In December 2020, the CBN had directed international money transfer operators (IMTOs) and commercial banks to pay beneficiaries of diaspora remittances in foreign currencies, as part of an effort to deepen the foreign exchange market and enhance transparency in remittance administration in Nigeria.

However, the new directive from the CBN now allows recipients to opt for Naira payout.

The circular stated, “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. 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.”

The CBN also instructed that the investors and exporters (I&E) window foreign exchange rate should be used to determine the rate for the Naira payout.

The new directive does not imply that the CBN is eliminating foreign currency payouts but provides the option of receiving payment in Naira, which was previously prohibited.

The CBN urged compliance with the regulation, emphasizing that it takes effect immediately.

List of Licensed IMTOs

The CBN provided a list of about 62 licensed IMTOs in the country as of July 10, including:

  1. AFTAB CURRENCY EXCHANGE LIMITED
  2. AZIMO LIMITED
  3. BELYFTED LIMITED
  4. CASHPOT LIMITED
  5. CAPEREMIT UK LIMITED
  6. CENTREXCARD LIMITED TIA (TransferBoss)
  7. CHIME INC (SENDWAVE)
  8. COLONY CAPITAL LIMITED
  9. COMET TRADING NIGERIA LIMITED
  10. CP EXPRESS LIMITED
  11. CSL PAY LIMITED
  12. DIREKT WIRE UK LIMITED
  13. DT&T CORPORATION
  14. eTRANZACT INTERNATIONAL PLC
  15. LEADREMIT LIMITED
  16. FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED
  17. e-2-e PAY LIMITED
  18. FUNDS & ELECTRONIC TRANSFER SOLUTION LIMITED
  19. FUNTECH GLOBAL COMMUNICATIONS LIMITED
  20. GABTRANS UK LIMITED/MONEY TO LIMITED
  21. GLOBAL CURRENCY TRAVEL & TOURS LIMITED
  22. IDT PAYMENT SERVICES INC.
  23. INNOVATE 1 PAY LIMITED
  24. INTERCHANGE GROUP LIMITED/ME INTERCHANGE NIGERIA LIMITED
  25. INTERSWITCH LIMITED
  26. LYCAMONEY FINANCIAL SERVICES LIMITED
  27. MAKEBA INC.
  28. MONEYGRAM
  29. MONEYTO LIMITED
  30. MORE MONEY TRANSFERS LIMITED
  31. MULTIGATE GROUP HOLDING LIMITED
  32. NAIRA GRAM LLC/ NGN GRAM LIMITED
  33. NIGERIAN POSTAL SERVICE (NIPOST)
  34. NOUVEAU MOBILE LIMITED

 

Source: Premium Times

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