NEW POLICY: CBN approves direct receipt of foreign currency either in cash or direct transfer to domiciliary account 

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The Central Bank of Nigeria (CBN) yesterday unveiled a new policy that grants unfettered access to Forex from Diaspora and other money transfer remittances like Western Union and MoneyGram.

The bank also clarified transactions that are eligible under the policy in line with global best practices.
The policy allows beneficiaries of Diaspora remittances through International Money Transfer Operators (IMTOs) to henceforth receive such inflows in the original foreign currency through the designated bank of their choice.

It explained that the new regulation is part of efforts to liberalise, simplify and improve the receipt and administration of Diaspora remittances into Nigeria.

The central bank announced the new policy in a circular titled: “Amendment to Procedures for Receipt of Diaspora Remittances,” dated November 30, 2020, that was signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji.

With the new policy, recipients of remittances may have the option of receiving such funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.