The Central Bank of Nigeria (CBN) has issued a circular to International Money Transfer Operators (IMTOs), instructing them to initiate remittances payout in Naira to beneficiaries.
The circular, referenced as FED/FEM/PUB/FPC/001/004, was released by Dr Ozoemena Nnaji, the Director of Trade and Exchange at the CBN.
It also states that the exchange rate of the Investors’ and Exporters’ Window should be used to determine the Naira payout rate.
This circular comes as an extension to a previous one dated November 30, 2022 (FED/FEM/FPC/01/011), which provided guidelines on the payout policy of Diaspora remittances.
The CBN clarifies that Naira payment is an additional option alongside United States Dollars and E-Naira for receiving such remittances.
In a related development, the CBN has expressed its intention to intervene in the recent price hike by Point of Sale (PoS) operators.
PoS agents across Nigeria have been increasing transaction charges, with stakeholders discussing changes in fees for their services.
Speaking on behalf of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Oluwasegun Elegbede highlighted the rising charges across Lagos, Ogun, and Edo states.
He mentioned that other states are also considering adjusting their transaction fees accordingly.
CBN’s Director of Corporate Communications, Isa AbdulMumin, acknowledged the issue and assured that the apex bank is actively working to resolve the situation.
