CBN announces Naira remittances payout option

Otu George

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. Dr. Ozoemena Nnaji.

The new circular, dated July 10, 2023, according to CBN, was in furtherance to an earlier circular dated November 30, 2022 with reference number: FED/FEM/FPC/01/011 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.