CBN to Commence Remittance Payout to Beneficiaries

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The Central Bank of Nigeria (CBN) has directed International Money Transfer Operators to commence remittances payout in Naira to beneficiaries.

It has also directed that the Investors’ and Exporters’ Window foreign exchange rate should be used in determining the rate for such Naira payout.

These were contained in a CBN circular referenced: FED/FEM/PUB/FPC/001/004 issued by the Director of Trade and Exchange, Ozoemena Nnaji.

The new circular, was in furtherance to an earlier circular dated November 30, 2022 which provided guidelines on the payout policy of Diaspora remittances to beneficiaries back home.

According to the apex bank, the Naira payment was only an option, in addition to United States Dollars and E-Naira in receiving Diaspora remittances.

Written by: Helen Obih

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