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CBN unveils new directives on payment of foreign currency to beneficiaries in diaspora

CBN gives IMTO new directives

The Central Bank of Nigeria (CBN) has given new directives to International Money Transfer Operators (IMTOs) on foreign currency payment in cash to beneficiaries of diaspora remittances, Vanguard is reporting.

The development comes after the Apex bank unveiled some policies on Monday that allow beneficiaries of diaspora remittances to collect the proceeds as cash in foreign currency.

The new directives to banks and IMTOs was announced by, Mr. O. Nnaji, the Director, Trade and Exchange Department, CBN, in a circular titled, “Re: Amendment to Procedures for receipt of Diaspora Remittances.”

The circular reads; “Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/011 of November 30. 2020. on the above subject, we wish to reiterate and clarify to All International Money Transfer Operators (IMTO) the following; ‘IMTO’s must ensure that all funds in favour of beneficiaries/recipients in Nigeria be deposited into the Agent Banks‘ correspondent account.

“Agent Banks (Deposit Money Banks) in Nigeria will be responsible for all payment to beneficiaries/recipients either in foreign currency cash (USD) or into the benehciaries’/recipients’ domiciliary account in Nigeria. ‘The mode (if payment either in cash or transfer is at the sole discretion of the beneficiaries/recipients.”

The CBN further urged the IMTOs to strictly comply with directives and be guided accordingly.

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