• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

CBN latest policy on diaspora remittance kicks off tomorrow

Chidi Emenike by Chidi Emenike
December 3, 2020
in Currencies
CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria has announced that its recent policy on receipt and administration of diaspora remittances into Nigeria is set to kick off tomorrow, December 4, 2020.

This is according to a press release issued by the apex bank today.

The announcement became imperative after consultations and engagements with relevant stakeholders over smooth implementation of the recent policy, which is aimed at providing a more convenient channel for Nigerians in Diaspora to remit funds back to Nigeria.

RelatedStories

Nigerian public officials get N721 billion in bribes in 2023

Cash outside banks drops for the second time in 2025 amid CBN rate hold

May 29, 2025
Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform

Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform

May 27, 2025

What they are saying

Commenting on the recent development, the Governor of Central Bank of Nigeria, Godwin Emefiele said:

“In the course of following up on the implementation of the aforementioned new policies, the CBN observed some pushback by some of the IMTOs, which were bent on undermining the new policies. This was the reason the CBN had to insist on Wednesday, December 2, 2020, that all DMBs must close all Naira General Ledgers through which the Naira remittances were being carried out.

“Following the announcement of these new policy measures, the Central Bank of Nigeria, in an effort to enable smooth implementation, engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.

“As a result of these engagements, which took place with major IMTOs and the DMBs today, Thursday, December 3, 2020, the stakeholders have committed that they would deploy all the necessary tools to ensure that these measures become effective from Friday, December 4, 2020.

“I therefore seize this opportunity to announce to Nigerians both at home and in the diaspora, that the policy of recipients receiving their monies from abroad kicks off on December 4, 2020. All the IT systems of these IMTOs (Western Union, MoneyGram and Ria services) and the DMBs have been properly configured to begin remittance tomorrow, Friday, December 4, 2020.”

What you should know

The recent policy as earlier reported by Nairametrics, requires banks to transfer all diaspora remittances to the domiciliary accounts of the beneficiaries or pay the customers in foreign currency.

  • This is in contrast to the previous policy, where inflow through IMTOs such as Western Union was paid to beneficiaries in Naira.
  • In lieu of this, the Central Bank of Nigeria had instructed DMBs to close all Naira ledger accounts opened specifically for the purpose of receiving IMTO (foreign transfers from diaspora Nigerians) with immediate effect.

Follow us for Breaking News and Market Intelligence.
Tags: Central Bank of NigeriaDiaspora Remittance
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

Related Posts

Nigerian public officials get N721 billion in bribes in 2023
Economy

Cash outside banks drops for the second time in 2025 amid CBN rate hold

May 29, 2025
Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform
Companies

Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform

May 27, 2025
Naira , dollar, exchange rate
Currencies

Naira weakens to N1,583/$1 at official market as FX reserves dip and BDC reforms loom

May 27, 2025
Wema Bank’s Rights Issue and Share Price Rally: Rewarding Investor Confidence
Bank Recapitalization

Wema Bank to raise N50 billion via private placement as it moves to meet CBN’s recapitalization target 

May 23, 2025
MAN, P&G
Economy

MAN to CBN: Stop banks from punishing manufacturers over unsettled forex obligations

May 22, 2025
Why I invested N320bn in First Bank – Otedola credits Tinubu, Cardoso reforms 
Breaking News

Why I invested N320bn in First Bank – Otedola credits Tinubu, Cardoso reforms 

May 22, 2025
Next Post
Engineer Sanusi Garba assumes office as Chairman of NERC

Engineer Sanusi Garba assumes office as Chairman of NERC

Comments 2

  1. OLADIRAN LAWOYE says:
    December 9, 2020 at 9:10 am

    There is no logical reason why recipients cannot and should not be able to receive their money in Naira, the country’s LEGITIMATE currency. Does any of Nigerian Bank even have one thousandth of the foreign currencies required. This gesture is CERTAINLY NOT to help, BUT to make life impossible for their fellow citizens. THIS FURTHER SHOWS THAT BLACKS GENERALLY ARE THE MOST EVIL RACE IN THE WORLD, AND THEIR OWN WORST ENEMY, ESPECIALLY NIGERIAN POLITICIANS. CERTAINLY, Western Union, Money Gram, etc., would NEVER, for this reason, start sending remittances in Pounds Sterling, Dollars, Euros, and so on!

    Reply
    • Ian says:
      December 16, 2020 at 7:13 pm

      Remitly, WorldRemit, and RiaMoney have successfully set up their systems to transfer USD cash.
      And no, these international money transfer companies don’t have any shortage whatsoever of USD cash. It’s my understanding that Western Union and Money Gram as larger, behemoth, and by implication, slower organisations, are still in the process of configuring their systems for this but will hopefully get there soon.

      They’re literally awash with dollars. Please note that, as per existing regulations, deposit money banks are not allowed to do the remittances business.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
Zenth Bank
first bank
Zenth Bank








DUNS

Recent News

  • OPEC+ may boost July oil output beyond planned 411,000bpd 
  • SystemSpecs announces winners of sixth essay competition, inspiring future leaders and National pride 
  • PE Energy submits landmark Engineering Audit of Oil & Gas Measurement Systems to NUPRC 

Follow us on social media:

Recent News

OPEC, crude oil production

OPEC+ may boost July oil output beyond planned 411,000bpd 

May 30, 2025
SystemSpecs announces winners of sixth essay competition, inspiring future leaders and National pride 

SystemSpecs announces winners of sixth essay competition, inspiring future leaders and National pride 

May 30, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics