According to the Central Bank of Nigeria, CBN, beneficiaries of diaspora remittances will no longer be able to collect money sent to them in dollars or any other foreign currency but the Naira.

In line with this new order which will take effect on May 1, the Apex bank directed all International Money Transfer Organisations, IMTOs, to open naira settlement accounts.

The CBN stated that the latest policy was aimed at deepening diaspora remittances while improving transparency, traceability, and monitoring of foreign exchange (forex) flows

In a circular signed by CBN’s Director of Trade and Exchange Department, Musa Nakorji, the apex bank stated that the directive encompasses all transactions related to international money transfers, including disbursements to beneficiaries and other settlements.

In addition, the CBN stated that IMTOs may designate existing accounts or open new ones and are allowed to operate multiple settlement accounts across different dealer banks.

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