Improving Remittance News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 ....

Abuja Federal Capital Territory , Godwin Emefiele , International Monetary Fund , Payment Service Providers Ref No , Central Bank , Agent Bank Deposit , Daily Parallel Market Exchange Rate , Service Providers Psps , Ifeoluwa Ebiseni , Money Transfer Operators , Proceeds Domiciliary Accounts , Sagent Bank , Money Banks , Service Providers , Diaspora Remittances , Additional Operational , Mobile Money Operators , Nigerian Interbank Settlement System , Payment Service Providers , Domiciliary Accounts , Procedures For Receipt , Improving Remittance , Improving Remittance Inflows , Parallel Market Exchange Rate , Diaspora Remittances In Nigeria Examining The New Cbn Policy , Finance And Banking ,