The Central Bank of Nigeria has issued a directive to International Money Transfer Operators to pay dollars received through Diaspora remittances to domestic beneficiaries in naira.
The directive was conveyed in a circular addressed to banks, IMTOs, and the public by the Director of the CBN’s Trade and Exchange Department, O.S Nnaji.
The circular also included a list of 62 approved IMTOs authorized to carry out the directive.
Among the approved IMTOs listed are well-known entities such as Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited.
Other companies on the list include Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, and many more.
The circular, titled “Payout Option in Naira Receipt of Proceeds of Diaspora Remittances,” states that the CBN officially recognizes naira as a payout option for recipients of diaspora remittances.
This means that individuals receiving funds through the approved IMTOs listed in the circular now have the choice to receive their payments in naira, in addition to USD and eNaira options.
To ensure clarity, the CBN emphasizes that IMTOs are required to disburse the remittance proceeds using the Investors & Exporters’ Window rate as the anchor rate for the day of the transaction.
The regulation is effective immediately, and strict compliance is expected from all parties involved.
This directive from the CBN is aimed at streamlining the process of Diaspora remittances and providing beneficiaries with greater flexibility in receiving their funds.
