BREAKING: CBN issues new guidelines for receipt of foreign remittances - Uju Ayalogu's Blog for News, Reviews, Articles and More

Breaking News

Post Top Ad

Monday, 30 November 2020

BREAKING: CBN issues new guidelines for receipt of foreign remittances

 

BREAKING: CBN issues new guidelines for receipt of foreign remittances

The Central Bank of Nigeria has announced that beneficiaries of diaspora remittances through the  international monetary transfer operators (IMTO) shall now such inflows in foreign currency (US Dollar) through the designated bank of their choice.



The apex bank in a statement signed by O.S. Nnaji, director of trade & exchange of CBN, said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.


“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,” the statement read.


“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.”



The apex bank also noted that beneficiaries shall have unfettered access and utilisation to such foreign currency proceeds , either in cash and or in their domiciliary accounts.


READ ALSO:   ‘N544m fraud’: After two years, EFCC rearraigns Babachir Lawal


READ ALSO:    I Planned Defection To APC With Anyim And NASS Members — Umahi

 


Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984


For More:   Subscribe to Ujuayalogusblog.com



Subscribe to Our Posts via Email


Share This

No comments:

Post a comment

Listen to This Beautiful New Talent - Winter Wolf - Singing "What a Waste"


Post Bottom Ad

Pages