NEW POLICY: CBN approves direct receipt of foreign currency either in cash or direct transfer to domiciliary account
1,200 Total Views
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.
Joint security force rescue Major abducted at NDA Kaduna
2,425 Total Views Troops of the Nigerian Army, Airforce and other security agencies have rescued Maj. Christopher Datong, the officer abducted at…
No one should attack public properties or security personnel in my name – Sunday Igboho
1,836 Total Views Yoruba nation agitator, Chief Sunday Adeyemo (aka Sunday Igboho), on Thursday, warned that no one should use his…