The Central Bank of Nigeria (CBN) issued a directive to International Money Transfer Operators (IMTOs) yesterday, instructing them to convert received dollars from Diaspora remittances into naira for domestic beneficiaries.
In a circular addressed to banks, IMTOs, and the general public, O.S Nnaji, the Director of the Trade and Exchange Department at CBN, provided a list of 62 approved IMTOs authorized to carry out this directive.
Among the listed IMTOs are Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited.
Additional companies included in the list are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, and others.
The circular, titled “Payout Option in Naira Receipt of Proceeds of Diaspora Remittances,” stated: “In accordance with the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020, regarding the above-mentioned subject, the Central Bank of Nigeria hereby declares the naira as a payout option for receiving proceeds of International Money Transfers.”
“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.