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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 administratio...

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 liquid...

TODAY December 18, 2020 The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs), with a threat to revoke licences of defaulting firms. The apex bank also directed Mobile Money Operators (MMOs) to disable wallets from receipt of funds from IMTOs. The directives, according to CBN, were to ensure compliance with its recent policy which allows beneficiaries of diaspora remittances to receive the proceeds in foreign currency. CBN gave these dir...

By Babajide Komolafe MONEY MAEKET The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs), with a threat to revoke licences of defaulting firms. The apex bank also directed Mobile Money Operators (MMOs)  to disable wallets from receipt of funds from IMTOs. The directives, according to CBN, were to ensure compliance with  its recent policy which allows beneficiaries of diaspora remittances to receive the proceeds in foreign currency. CBN ga...

Vanguard News Translate CBN directs payment processors, switches to stop transfer of remittances in local currency On   The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs). The apex bank also directed Mobile Money Operators (MMO) to disable wallets from receipt of funds from IMTOs. The directives according to the CBN were to ensure compliance with its recent policy which allows beneficiaries of diaspora remittances ...