CBN Re-Amends Circular on Procedures for Receipt of Diaspora Remittances

Wednesday, December 02, 2020 / 4:22 PM /by CBN / Header Image Credit: Guardian NG

Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/011 of November 30, 2020, on the above subject, we wish to reiterate and clarify to All International Money Transfer Operators (IMTO) the following; 

• IMTO's must ensure that all funds in favour of beneficiaries/recipients in Nigeria be deposited into the Agent Banks' correspondent account.
• Agent Banks (Deposit Money Banks) in Nigeria will be responsible for final payment to beneficiaries/recipients either in foreign currency cash (USD) or into the beneficiaries'/recipients' domiciliary account in Nigeria.
• The mode of payment either in cash or transfer is at the sole discretion of the beneficiaries/recipients.

Please ensure strict compliance and be guided accordingly.

Related Link: CBN Amends Procedures for Receipt of Diaspora Remittances

Circulars Released by CBN in the Last One Week

1. CBN Re-Amends Circular on Procedures for Receipt of Diaspora Remittances
2. CBN Amends Procedures for Receipt of Diaspora Remittances
3. CBN Provides Clarifications on the Operations of Export Proceeds and Ordinary Domiciliary Accounts
4. CBN Introduces Special Bills to Deepen the FM and as an Additional Liquidity Management Tool

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