Tunji Wusu –
The Central Bank of Nigeria (CBN) has announced that Nigerians now have the choice to receive their diaspora remittances paid in Naira.
Naira is now an option for profits of foreign money transfers, according to a circular from the apex bank dated July 10 and signed by Ozoemena Nnaji, Director of Trade & Exchange Department.
In an effort to expand the foreign exchange market and increase transparency in the management of diaspora remittances into Nigeria, the bank had directed commercial banks and international money transfer operators (IMTOs) to pay beneficiaries of remittances in foreign currencies.
However, the bank’s latest instruction instructed clients to accept the naira payout choice.
The Central Bank of Nigeria announced Naira as a payout option for receivers of proceeds from international money transfers in a circular dated November 30, 2020 with the reference number TED/FEM/FPC/GEN/01/011.
So, in addition to receiving USD and eNaira as payout choices, all beneficiaries of diaspora remittances through the CBN-approved IMTOs on the attached list shall going forward have the option of receiving naira payment.
The bank also mandated that the rate for such a naira payout be calculated using the investors and exporters (I&E) window foreign currency rate.
“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 stated.
The latest development does not suggest that the CBN is stopping foreign currency payouts; instead, it now offers the option of Naira payouts, which it had previously forbade.
The bank pleaded for compliances while stating that the rule is effective right away.
Licensed IMTOs
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.
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
