International money transfer operators are to start paying recipients of remittances in naira, citing instructions from the Central Bank of Nigeria (CBN).
It has also mandated that the rate for such Naira payout be calculated using the Investors’ and Exporters’ Window foreign currency rate.
The Director of Trade and Exchange issued a CBN circular with the following reference: FED/FEM/PUB/FPC/001/004. Ozoemena Nnaji, M.D.
According to CBN, the new circular, issued July 10, 2023, was a continuation of an earlier circular, dated November 30, 2022, with reference number: FED/FEM/FPC/01/011 which set forth rules on the payment policy of beneficiaries receiving remittances from the diaspora.
The Naira payment was simply one option for receiving remittances from the diaspora, along with US dollars and E-Naira, according to the apex bank.