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CBN relaxes guidelines on overseas remittances and domiciliary accounts

CBN relaxes rules on foreign remittances and domiciliary accounts

The Central Bank of Nigeria has relaxed its guidelines on international remittances and domiciliary accounts. 

In a press release signed by the apex financial institution’s director of trade & exchange O.S Nnaji, it was gathered that beneficiaries of diaspora remittances by means of the international monetary transfer operators (IMTO) shall now permit inflows in international currency (US Greenback) by means of the designated financial institution of their selection.

The recipients have the possibility of receiving these funds in international currency or into their domiciliary account, and also will have unfettered entry and utilization to such foreign currency proceeds both in cash and or in their domiciliary accounts.

It read; 

“These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria, 

“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.”

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