The International Money Transfer Operators (IMTOs) have been instructed by the Central Bank of Nigeria (CBN) to start sending beneficiaries remittances in Naira and foreign currency.
This information was provided by CBN in a circular posted on its website on Wednesday.
Ozoemena Nnaji, Director of Trade and Exchange of CBN, instructed that the Investors’ and Exporters’ Window foreign exchange rate shall be utilized in establishing the rate for such Naira payout in the Circular referred to as FED/FEM/PUB/FPC/001/004.
“The Central Bank of Nigeria introduces Naira as a payout option for reception of proceeds from international money transfers as a follow-up to the Circular marked FED/FEM/FPC/01/011 dated November 30, 2022, in regard to the aforementioned issue.
As a result, Naira payment will be available as a payout option in addition to USD and e-Naira for all beneficiaries of Diaspora remittances through the CBN-approved International Money Transfer Operators (IMTOs) on the attached list.
To eliminate any uncertainty, the Circular mandated that IMTOs distribute funds “using the Investors’ & Exporters’ window rate as the anchor rate on the transaction date.”
Remember that the top bank unveiled foreign exchange changes that led to the unification of the FX window on June 14.