The Central Bank of Nigeria, has announced that it has made an amendment to the the receipt of diaspora remittances. The apex Bank stated this in a post released on its page.
Following the amendment, people who are beneficiaries of diasporal remittances through the International Money Transfer Operators will now receive such through US Dollars in the bank of their choice.
According to the Apex bank, the beneficiaries will have to decide whether to receive the remittances in cash or it be paid into their domiciliary accounts.
CBN noted that, this is been done to expand the foreign exchange market and enhance liquidity and transparency in dealing with remittances in Nigeria.
CBN in an open letter signed by the Director of Trade and Exchange Department at the bank, explained that the amendment was done in order to simplify, liberalize and improve the receipt and administration of diasporal remittances into Nigeria.
The Central Bank of Nigeria however stated that despite the amendment in remittances, beneficiaries will still have access and full use of the proceeds of the foreign currency.
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