Over the past few weeks, the Central Bank of Nigeria (“CBN”) issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”) in Nigeria.
In accordance with the new policy introduced by the Circulars, beneficiaries of diaspora remittances through International Money Transfer Operators (“IMTOs”) shall receive such inflows in foreign currency through designated banks of their choice.
The Circulars were, according to the CBN, issued in an effort to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
In this article, our Ifeoluwa Ebiseni discusses the new CBN policy on diaspora remittances in Nigeria and considers the potential impact the policy may have on remittance flows and foreign exchange in Nigeria. Read more here