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BREAKING:CBN issues new directives on Diaspora remittances.


The Central Bank of Nigeria CBN) has given new mandates to International Money Transfer Operators (IMTOs) on unfamiliar money installment in real money to recipients of Diaspora settlements.

The new mandates kept the new standards divulged by the summit bank on Monday which permit recipients of such settlements to gather the returns as money in unfamiliar cash.

Declaring the new orders to banks and IMTOs, Mr. O. Nnaji, Director, Trade and Exchange Department, of the CBN, in a roundabout named, “Re: Amendment to Procedures for receipt of Diaspora Remittances”, stated: “Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/011 of November 30, 2020, on the above subject, we wish to repeat and explain to All International Money Transfer Operators (IMTO) the ‘IMTO’s must guarantee that all assets for recipients/beneficiaries in Nigeria be kept into the Agent Banks’ reporter account.

“Specialist Banks (Deposit Money Banks) in Nigeria will be answerable for all installment to recipients/beneficiaries either in unfamiliar cash money (USD) or into the beneciaries’/beneficiaries’ domiciliary record in Nigeria. ‘The mode (if installment either in real money or move is at the sole attentiveness of the recipients/beneficiaries.

“Kindly guarantee severe consistence and be guided as needs be.”


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