CBN Mandates Banks, IMTOs to Pay Diaspora Remittances in Naira

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday directed banks and International Money Transfer Operators (IMTOS) to pay all diaspora remittances in Naira and match with the corresponding foreign currency inflows going forward.

The central bank disclosed this in a circular dated June 24, 2024, and signed by CBN acting Director, Trade & Exchange Department, Dr. W. J. Him, which was addressed to all Deposit Money Banks (DMBs) and IMTOS.

The apex bank noted that the move was part of CBN’s commitment to the smooth functioning of the foreign exchange markets and enabling greater remittance flows through formal channels.

Specifically, the central bank pointed out that it had implemented measures that will enable eligible IMTOs to access Naira liquidity through the CBN.

Details later…