You Can Now Receive Money From Abroad In Dollars, Says CBN |The Source

By Uche Mbah

Nigerians who usually receive money from their loved ones from the diaspora have cause to smile as they can now cash their remittances in dollars and other foreign currencies instead of the local currencies.

Money transfers through Western Union and Monegram  are usually dispensed in local currency alone. But a new Central bank of Nigeria, CBN, directive Monday indicates that they now have an option of receiving their money either in local or foreign currency.

 9The CBN Issued a circular Monday confirming this.

In the circular, signed by the Bank’s Director of Trade and Exchange,   Ozoemena Nnaji, the bank said: “beneficiaries of Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US dollar) through the designated bank of their choice.

 “Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.”     

The apex bank claimed it will deepen the forex market by providing more liquidity and make diaspora remittances transparent.   “In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients of remittances would receive a market-reflective exchange rate.

“All authorised dealers and the general public should note that beneficiaries shall have unfettered access and utilisation of such foreign currency [roceeds, either in cash and/or in their domiciliary accounts,” the CBN said.

The CBN had issued a circular effective Monday adjusting the exchange rate by six Naira, and this has worsened the forex crisis. Naira depreciated to N500 a dollar, but after the diaspora remittances announcement, the exchange rate appreciated marginally to N497 per dollar in the parallel market.