Diaspora Remittances In Nigeria: Examining The New CBN Polic

Diaspora Remittances In Nigeria: Examining The New CBN Policy


By Ifeoluwa Ebiseni (Associate, AELEX)
Over the past few weeks, the Central Bank of Nigeria (“CBN”) has issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”).1
According to the CBN, the Circulars were issued in an effort to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria. It was also stated that the clarifications and amendments are aimed at stabilising and deepening the foreign exchange market, providing more liquidity, and creating transparency, especially in the administration of diaspora remittances into Nigeria.
The initial circular issued on 30 November 2020 (“the 1st Circular”) to all authorised dealers and the public states that2:

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