CBN Mandates IMTOs to Pay Diaspora Remittances in Naira

0 311

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

This was as the CBN Governor, Mr. Olayemi Cardoso, on Tuesday reaffirmed the determination of the Monetary Policy Committee to subdue inflationary concerns through conventional methods.

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.

Thus, the CBN said henceforth, eligible IMTO operators would be able to access the CBN window directly or through their Authorised Dealer Banks to execute transactions for the sale of foreign exchange in the market.

The circular also stated that pricing for transactions executed with the CBN would be based on prevailing Nigerian Autonomous Foreign Exchange Market rates, as referenced by an observable and acceptable market benchmark.

Leave a Reply

%d bloggers like this: