The bank has given the option of receiving naira payment in addition to USD and eNaira as payout options
Nigerians now have the option to receive their diaspora remittances payout in Naira, the Central Bank of Nigeria (CBN) has said.
In a circular dated 10 July and signed by Ozoemena Nnaji, Director of Trade & Exchange Department, the apex bank said naira is now an option for proceeds of international money transfer.
The bank had in December 2020 directed that international money transfer operators (IMTOs) and commercial banks in the country pay beneficiaries of diaspora remittances in foreign currencies, in a bid to deepen the foreign exchange market and create transparency in the administration of diaspora remittances into Nigeria.
But the bank in its new directive directed recipients to embrace the naira payout option.
"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," the circular said.
"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."
The bank also directed that the investors and exporters (I&E) window foreign exchange rate should be used in determining the rate for such naira payout.
"For the avoidance of doubt, International Money Transfer Operators are required to pay out the proceeds using the Investor & Exporter's window rate as the anchor rate on the day of the transaction," it said.
The new development does not imply that the CBN is canceling payout in foreign currencies but gives the option of Naira payout which it earlier banned.
While pleading for compliances, the bank said the regulation takes effect immediately.
Licensed IMTOs
The CBN listed about 62 licensed IMTOs in the country as of the end of 10 July as follows;
AFTAB CURRENCY EXCHANGE LIMITED
AZIMO LIMITED
BELYFTED LIMITED
CASHPOT LIMITED
CAPEREMIT UK LIMITED
CENTREXCARD LIMITED TIA (TransferBoss)
CHIME INC (SENDWAVE) COLONY CAPITAL LIMITED
COMET TRADING NIGERIA LIMITED CP EXPRESS LIMITED CSL PAY LIMITED
DIREKT WIRE UK LIMITED
DT&T CORPORATION
eTRANZACT INTERNATIONAL PLC
LEADREMIT LIMITED
FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED
e-2-e PAY LIMITED FUNDS & ELECTRONIC TRANSFER SOLUTION LIMITED
FUNTECH GLOBAL COMMUNICATIONS LIMITED
GABTRANS UK LIMITED/MONEY TO LIMITED
GLOBAL CURRENCY TRAVEL & TOURS LIMITED
IDT PAYMENT SERVICES INC. INNOVATE 1 PAY LIMITED
INTERCHANGE GROUP LIMITED/ME INTERCHANGE NIGERIA LIMITED
INTERSWITCH LIMITED LYCAMONEY FINANCIAL SERVICES LIMITED
MAKEBA INC.,
MONEYGRAM
MONEYTO LIMITED
MORE MONEY TRANSFERS LIMITED | MULTIGATE GROUP HOLDING LIMITED NAIRA GRAM LLC/ NGN GRAM LIMITED NIGERIAN POSTAL SERVICE (NIPOST) NOUVEAU MOBILE LIMITED
PAGATECH Limited PAYCOM NIGERIA LIMITED PAYPAL INC./XOOM
PAYSEND PLC QUICKREMIT LIMITED
REMILTY INC.
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REMIT HUB CAFE LIMITED REMITIX LIMITED (MUKURU) RIA FINANCIALS
SAANA HOLDINGS INC SHIFT FINANCIAL SERVICES LIMITED
SIMBAPAY LIMITED
SIMPLIFY INTERNATIONAL SYNERGY LIMITED
SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
TCF Services Limited
TERRA PAYMENT SERVICES (UK) LIMITED
| MASTERCARD TRANSACTION SERVICES (MTS) 3/4 TRANSFERCORP LIMITED/VFD GROUP
TRANSFERTO MOBILE FINANCIAL SERVICES LIMITED (THUNES) VENTURE GARDEN GROUP
VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED
VOYSE TECHNOLOGIES NIGERIA LIMITED VTNETWORK LIMITED
WEBLINK INTERNATIONAL
WESTERN UNION
WORLDREMIT LIMITED
XPRESS MONEY SERVICES LIMITED XPRESS PAYMENT SOLUTIONS LIMITED
