Recipients of remittances from abroad are to henceforth be paid in foreign currency.
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele stated this at a News briefing in Abuja today.
He said the payment of recipients of remittances by the international money transfer organization, IMTOs in naira was denying the economy of foreign exchange and arbitrage against the naira.
Mr. Emefiele said the annual receipt of twenty four billion dollars from diaspora remittances had been threatened by the practice of the IMTOs and have therefore been directed to desist forthwith.
Mr. Emefiele said the new directive which had been communicated to the banks and IMTOs would help to deepen the foreign exchange market, boost liquidity and enhance transparency.
He said the new policy would also help to shore up the value of the naira.