Connect with us
X
Categories:

Business

CBN Gives Fresh Directives On Foreign Currency Payment Of Diaspora Remittance

All Naija Entertainment

Published

on

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has issued fresh directives to International Money Transfer Operators (IMTOs) on foreign currency payment in cash to beneficiaries of diaspora remittances.

Download & Install The New ANE Android App To Your Device
Hello!! Have you heard about the deadly virus called Coronavirus? No? See What It Is & How To Prevent It Here. Also Stay Connected & Get Latest Updates On Coronavirus Here. Please be safe! We LOVE You.


The fresh directives follow the new rules unveiled by the Apex bank on Monday which allow beneficiaries of diaspora remittances to collect the proceeds as cash in foreign currency.

Announcing the fresh directives to banks and IMTOs, Mr. O. Nnaji, Director, Trade and Exchange Department, CBN, in a circular titled, “Re: Amendment to Procedures for receipt of Diaspora Remittances”, said: “Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/011 of November 30. 2020. on the above subject, we wish to reiterate and clarify to All International Money Transfer Operators (IMTO) the following; ‘IMTO’s must ensure that all funds in favour of beneficiaries/recipients in Nigeria be deposited into the Agent Banks‘ correspondent account.

“Agent Banks (Deposit Money Banks) in Nigeria will be responsible for all payment to beneficiaries/recipients either in foreign currency cash (USD) or into the benehciaries’/recipients’ domiciliary account in Nigeria.

‘The mode (if payment either in cash or transfer is at the sole discretion of the beneficiaries/recipients.

“Please ensure strict compliance and be guided accordingly.”


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Reach us on WhatsApp via: +2348104471989

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don’t Miss!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.




Latest Exchange Rate

Donate To ANE!


Mind buying a coffee to support us here at All Naija Entertainment?. Yes?

Donate Now

ANE Billboard Hots!



Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.





Copyright © All Naija Entertainment.

css.php