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Breaking: CBN issues new guidelines for receipt of foreign remittances

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In a move that signposts a change in policy direction, the Central Bank of Nigeria (CBN) on Monday announced that beneficiaries of diaspora remittances through the international money transfer operators (IMTO) channels are now free to receive such inflow in foreign currency either in cash or into their domiciliary accounts.

This was disclosed in a Statement signed by the director of trade and exchange of the CBN, Mr O.S Nnaji on Monday.

“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,” the statement read.

“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.”

The apex bank also noted that beneficiaries shall have unfettered access and utilisation to such foreign currency proceeds , either in cash and or in their domiciliary accounts.

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