CBN directs banks to pay Dollar receipts in Naira.

The Central Bank of Nigeria (CBN) has authorised International Money Transfer Operators (IMTOs) to begin remittance payments to recipients in both Naira and foreign currency.

The central bank stated that the Investors and Exporters (I&E) window foreign exchange rate should be utilised to determine the exchange rate for Naira payments.

In a circular addressing banks, IMTOs, and the general public, CBN’s Director of Trade and Exchange Department, O.S Nnaji, identified 62 approved IMTOs to carry out the mandate.

Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited are among the companies on the list.

Other companies include Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, and CP Express Limited.

It read;

“Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020 in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of 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.”

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