Regulatory Alerts2023-08-10 | TED/FEM/PUB/FPC/001/006Re: Payout Option in Naira for Receipt of Proceeds of Diaspora Remittances
The Central Bank of Nigeria sets a limit for the allowable range of the Naira payout option for diaspora remittances, which is set at +/- 2.5% of the previous day's Investors' and Exporters' window average rate. Banks and International Money Transfer Operators must comply with this stipulated range. This directive is communicated to authorized dealers, International Money Transfer Operators, and the general public.
TRADE AND EXCHANGE DEPARTMENT 09-462 37800 09-462 37804 Email: ted@cbn.gov.ng TED/FEM/PUB/FPC/001/006 August 09, 2023 TO: ALL AUTHORIZED DEALERS, INTERNATIONAL MONEY TRANSFER OPERATORS, THE GENERAL PUBLIC.
RE: PAYOUT OPTION IN NAIRA FOR RECEIPT OF PROCEEDS OF DIASPORA REMITTANCES Further to the circular referenced TED/FEM/PUB/FPC/001/004 dated July 10, 2023 and the meetings held with all banks and IMTQs, the Central Bank of Nigeria (CBN) hereby announces an allowable limit of -2.5% to +2.5% of the Investors' and Exporters' (I&E) window average rate of the previous day as the anchor rate for the Naira payout option.
Accordingly, all banks and International Money Transfer Operators are required to adhere to the stipulated limits.
Please note and ensure strict compliance.
DR. O.S. NNAJI DIRECTOR TRADE AND EXCHANGE DEPARTMENT