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CBN relaxes rules on foreign remittance

The Central Bank of Nigeria (CBN) has announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now have such inflows in foreign currency (US dollar) through the designated bank of their choice.

The apex bank in a statement on Monday signed by O.S. Nnaji, director of trade & exchange of CBN, said recipients of such remittances may have the option of receiving such funds in the foreign currency cash or into their domiciliary account.

Under the new guidelines, operators of export domiciliary accounts will continue to operate based on existing regulations which allow account holders use their funds for business operations only with any extra funds sold in the import and export window.

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