The Central Bank of Nigeria (CBN) has relaxed its rules on foreign remittances and domiciliary accounts.
In a statement signed by the apex bank’s director of trade & exchange, O.S Nnaji, it was gathered that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now allow inflows in foreign currency (US Dollar) through the designated bank of their choice.
The recipients have an option of receiving these funds in foreign currency cash or into their domiciliary account, and will also have unfettered access and utilisation to such foreign currency proceeds either in cash and or in their domiciliary accounts.
It reads: “These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria,
“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.”