CBN Removes Restriction on FX Receipt through Domiciliary Accounts

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By Obinna Chima

Beneficiaries of Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in the foreign currency (US Dollars) through the designated bank of their choice, the Central Bank of Nigeria (CBN) has directed.

The central bank stated this 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.

The policy is part of efforts to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria.

More details later…