CBN directs banks to pay Dollar receipts in Naira

The Central Bank of Nigeria (CBN) has instructed International Money Transfer Operators (IMTOs) to pay out remittances in both Naira and foreign exchange to beneficiaries.

The bank has directed that the exchange rate for Naira pay-outs should be determined using the Investors and Exporters’ (I&E) window foreign exchange rate.

The CBN through the Director of Trade and Exchange Department, O.S Nnaji, listed 62 approved IMTOs to carry out the directive, including Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited.

Others are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, among others.

Recipients of diaspora remittances through CBN-approved IMTOs will now have the option of receiving Naira payment in addition to USD and eNaira as payout options. 

The new regulation takes effect immediately and IMTOs are required to comply with the directive.


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