CBN Directs Payment Of Dollar Receipts In Naira

The Central Bank of Nigeria (CBN) issued a directive yesterday to International Money Transfer Operators (IMTOs), instructing them to convert received dollars from Diaspora remittances into naira and transfer them to domestic beneficiaries.

The CBN Director of the Trade and Exchange Department, O.S. Nnaji, has issued a circular addressed to banks, International Money Transfer Operators (IMTOs), and the general public. The circular provides a comprehensive list of 62 IMTOs that have been officially approved to comply with the given directive.

In the list are Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited.

Others are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, among others.

The circular titled: Payout Option in Naira Receipt of Proceeds of Diaspora Remittances, said: “Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020 in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers”.

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“Accordingly, all recipients of diaspora remittances through the CBN approved IMTOS on the attached list shall henceforth have the option of receiving Naira payment in addition to USD and eNaira as payout options”.

“For the avoidance of doubt, International Money Transfer Operators are required to pay out the proceeds using the Investors & Exporters’ Window rate as the anchor rate on the day of the transaction. This regulation takes effect immediately. Please note and ensure compliance,” it said.

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