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The Central Bank of Nigeria (CBN), Mr Godwin Emefiele has announced that the new CBN policy to improve the Diaspora remittances into the country takes effect today, Dec. 4. Emefiele made this in his remarks on “Improving remittance Inflows into Nigeria ” obtained from the apex bank’s official website. He said that policy measures were designed to boost and facilitate an efficient flow of remittances sent home by Nigerians in the Diaspora. “In an effort to liberalise, simplify and improve the receipt and administration of the Diaspora remittances into Nigeria, CBN wishes to announce as follows: “Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (U.S. dollars) through the designated bank of their choice. Such recipients of remittances may have the option of receiving these funds in foreign currency cash (U.S. dollars) or into their ordinary domiciliary accounts. “These changes are necess...

In an apparent move to boost dollar supply into the economy, the Central Bank of Nigeria (CBN) yesterday introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive their money in foreign currency. Previously, beneficiaries of diaspora remittance can only receive in cash the naira equivalent of the amount transferred. Also foreign currency cash withdrawal from domiciliary accounts was restricted to money paid into such accounts by cash lodgements. Announcing the policy change yesterday, CBN’s Director, Trade and Exchange Department, Dr. O Nnaji, said the new rules were to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria, as well as to ensure the stability of the foreign exchange market. He said the removal was also consequent on the improved capabilities of the apex bank to monitor transactions, forestall money laundering and prevent the adverse effect of dollarization in th...