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Home Markets Currencies

CBN latest policy on diaspora remittance kicks off tomorrow

Chidi Emenike by Chidi Emenike
December 3, 2020
in Currencies
parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

CBN Governor Godwin Emefiele

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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.

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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.

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“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.

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“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.

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Tags: Central Bank of NigeriaDiaspora Remittance

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

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