The inclusion of the naira as a payout option for diaspora remittances has been announced by the Central Bank of Nigeria (CBN). CBN 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 initiative projects that any Nigerian receiving remittances from abroad, henceforth, will have the option to receive their proceeds in naira.
This also means the development is in addition to the existing alternatives of dollar and eNaira. The directive was contained in a circular dated July 10, 2023, and signed by the apex bank’s Director for Trade and Exchange Department, O.S. Nnaji. The circular was addressed to deposit money banks, international money transfer operators (IMTOs) and the general public.
It reads, “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.
“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.” In the circular, the CBN updated its list of registered IMTOs in the country. The list was extended from 57 IMTOs in April 2021 to 62.IMTOs receive cash for the purpose of transmitting to persons resident in Nigeria or another country. They also execute cross-border transfer services for personal purposes such as money transfer services towards family maintenance and money transfer services for foreign tourists visiting Nigeria. The five additional IMTOs approved by the CBN are CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited.
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