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The Central Bank of Nigeria (CBN) has issued a new circular directing International Money Transfer Operators to pay out remittances in Naira to beneficiaries.
The circular, referenced as FED/FEM/PUB/FPC/001/004, also states that the exchange rate for the Naira payout should be determined using the Investors’ and Exporters’ Window foreign exchange rate.
This directive is in line with a previous circular issued on November 30, 2022, which provided guidelines for the payout policy of Diaspora remittances.
The CBN emphasizes that Naira payment is an additional option alongside United States Dollars and E-Naira for receiving Diaspora remittances.
