2020-12-16 | PSM/DIR/CON/CWO/16/119

Receipt of Diaspora Remittances: Additional Operational Guidelines

The Central Bank of Nigeria (CBN) has issued additional guidelines for receiving diaspora remittances, emphasizing that beneficiaries should receive foreign currency through their designated banks. Non-compliance by operators paying remittances in local currency is frowned upon, with the CBN providing further directives to ensure transparency and stability in the foreign exchange market. Licensed institutions must adhere to these guidelines to avoid regulatory sanctions, including license revocation.

Nigeria

Central Bank of Nigeria

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