BY FESTUS OKOROMADU, ABUJA
The Central Bank of Nigeria, on Wednesday announced the Naira as a payout option for receipt of proceeds of international money transfers.
The apex bank in a statement signed by its Director of Trade and Exchange Department, Dr. O. S. Nnaji listed 62 International Money Transfer Operators approved for recipient of diaspora remittance payment with options of Naira, US Dollar or eNaira.
The bank, however, instructed the INMOs to make payments using the Investors and Exporters Window rate for daily transactions.
The circular directed to all deposit money banks, INMOs and the general public, reads in part: “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.
“Accordingly, all recipients of diaspora remittances through the CBN approval IMTQOs 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.”
