CBN introduces Naira payout option for Diaspora Remittances at I&E window rate

The Central Bank of Nigeria (CBN) has issued a letter to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public, announcing the inclusion of the Naira as a payout option for diaspora remittances.

In a circular referenced TED/FEM/PC/GEN/01/011, dated November 30, 2020, the CBN introduced the payout option in response to the growing need for flexibility in remittance receipt.

The recent announcement expands the range of payout options available to recipients of diaspora remittances through CBN-approved IMTOs.