Home Business CBN introduces Naira payout option for Diaspora Remittances

CBN introduces Naira payout option for Diaspora Remittances

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The Central Bank of Nigeria (CBN) has issued a letter to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public, announcing the inclusion of the Naira as a payout option for diaspora remittances.

In a circular referenced TED/FEM/PC/GEN/01/011, and signed by its Director Trade and Exchange Department, Dr. O.S Nnaji, the CBN introduced the payout option in response to the growing need for flexibility in remittance receipt.

The CBN said the inclusion of Naira as a payout option aims to provide recipients with increased convenience and accessibility to their funds

The announcement expands the range of payout options available to recipients of diaspora remittances through CBN-approved IMTOs.

Recipients will now have the option to receive their remittance proceeds in Naira, in addition to the existing options of USD and eNaira.

CBN also mandated that IMTOs use the Investors’ & Exporters’ Window rate as the anchor rate on the day of the transaction when paying out the remittance proceeds to ensure transparency

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