Central Bank of Nigeria Orders Banks To Pay In Naira To Diaspora Remittance. 

Central Bank of Nigeria Orders Banks To Pay In Naira To Diaspora Remittance. 
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    The Central Bank of Nigeria has announced Naira as a payout option for receipts of proceeds of international money transfers.

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    According to the apex bank, International Money Transfer Operators (IMTOs) are required to pay out the proceeds using the Investors’ & Exporters’ window rate as the anchor rate for transactions.

    This was contained in a document signed by S.O Nnaji, the director, trade and exchange department of the bank, obtained by Businessday.

    It read, “Further to the circular referenced TED/FEM/FPCIGEN 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.

    CBN directs banks to payout naira to diaspora remittance receivers

    ….list CSL pay limited, Flutterwave technology, 58 others as approved IMTOs

    The Central Bank of Nigeria has announced Naira as a payout option for receipts of proceeds of international money transfers.

    According to the apex bank, International Money Transfer Operators (IMTOs) are required to pay out the proceeds using the Investors’ & Exporters’ window rate as the anchor rate for transactions.

    This was contained in a document signed by S.O Nnaji, the director, trade and exchange department of the bank, obtained by Businessday.

    It read, “Further to the circular referenced TED/FEM/FPCIGEN 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.

    Also Read: Cost Of Money Transfer To Africa Is The Most Expensive, Remittance To Nigeria Drops: World Bank.

    “For the avoidance of doubt, International Money Transfer Operators are required to pay out the proceeds using the Investors’ & Exporters’ Window rate as the anchor rate on the day of the transaction.

    “This regulation takes effect Immediately.”

    It further stated that all recipients of diaspora remittances through the CBN‘ approved IMTOs, shall henceforth have the option of receiving Naira payment in addition to USD and eNaira as payout options.

    Some of the operators listed in the Bank’s updated list of IMTOs include Aftab currency exchange, Azimo limited, Cashpot limited, and Caperemit UK limited.

    CSL pay limited, DT &T Corporation, Flutterwave technology solutions limited, and Leadremit Limited, among others.

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