Nigerians now have the option to receive their diaspora remittances payout in Naira, the Central Bank of Nigeria (CBN) has said.
In a circular dated 10 July and signed by Ozoemena Nnaji, Director of Trade & Exchange Department, the apex bank said naira is now an option for proceeds of international money transfer.
The bank had in December 2020 directed that international money transfer operators (IMTOs) and commercial banks in the country pay beneficiaries of diaspora remittances in foreign currencies, in a bid to deepen the foreign exchange market and create transparency in the administration of diaspora remittances into Nigeria.
