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Diaspora Remittances In Nigeria: Examining The New CBN Policy (2) - Finance and Banking

Introduction
CBN ) issued series of circulars in
furtherance of its new policy on diaspora remittances.
1 The
older circulars and the CBN policy have been discussed in our
earlier article on this subject and can be read here.
Subsequently, on 22
nd January 2021, the CBN issued
another circular ( the new circular ), setting out the
modalities for the payout of diaspora remittances
3. The new circular
was issued owing to the disregard of the CBN directives by
International Money Transfer Operators ( IMTOs ) and
other unlicensed companies operating within the system.
In this article, we discuss the potential effect of the new
circular in respect of the CBN policy on diaspora remittances. ....

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Diaspora Remittances In Nigeria: Examining The New CBN Policy - Finance and Banking

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 ....

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