….. . authorises 5 more IMTOs.
The Central Bank of Nigeria (CBN) says henceforth beneficiaries of International Monetary Transfers would now have the option of being paid the Naira in addition to USD
The is contained in a circular dated July 10, 2023, and signed by CBN’s Director, Trade and Exchange Department, O.S. Nnaji.
The Apex bank requires International Monetary Transfer operators to use the Investor & Export’s window rate for the transaction
The statement reads, “Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020, in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.
“Accordingly, all recipients of diaspora remittances through the CBN-approved IMTOs on the attached list shall henceforth have the option of receiving naira payment in addition to USD and eNaira as payout options.
“For the avoidance of doubt, International Money Transfer Operators are required to pay out the proceeds using the Investor & Exporter’s window rate as the anchor rate on the day of the transaction.”
CBN stated that the regulation takes immediate effect and compliance is demanded.
In the circular is updated list of registered International Monetary Transfer Operators (IMTOS) in the country.
The bank approved five additional IMTOs to facilitate diaspora remittances.
They are, CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited as the additional five IMTOs.
