The Central Bank fo
Nigeria 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 read;
“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.”
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