CBN to effect Enhanced Diaspora remittances Policy, 4th December

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has announced that the new CBN policy to improve the Diaspora remittances into the country takes effect on Friday, 4th December 2020.

Emefiele disclosed this in his remarks on “Improving remittance Inflows into Nigeria ” obtained from the apex bank’s official website.

He said that policy measures were designed to boost and facilitate an efficient flow of remittances sent home by Nigerians in the Diaspora.

“In an effort to liberalise, simplify and improve the receipt and administration of the Diaspora remittances into Nigeria, CBN wishes to announce as follows:
“Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (U.S. dollars) through the designated bank of their choice.

“Such recipients of remittances may have the option of receiving these funds in foreign currency cash (U.S. dollars) or into their ordinary domiciliary accounts.

“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,” he said.