The Central Bank of Nigeria (CBN) has directed International Money
Transfer Operators (IMTOs) to commence remittances pay-out in both
Naira and foreign exchange to beneficiaries.
The
apex bank said the Investors and Exporters’ (I&E) window foreign
exchange rate should be used in determining the exchange rate for Naira
pay-outs.
CBN's Director of Trade and Exchange
Department, O.S Nnaji, listed 62 approved IMTOs to carry out the
directive in a circular to banks, IMTOs and the public.
In
the list are Western Union, World Remit Limited, CashPot Limited,
eTransact International Limited, Leadremit Limited, Flutterwave
Technology Solutions Limited, and Interswitch Limited.
Others
are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony
Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP
Express Limited, among others.
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.”
