Regulatory Alerts2020-12-02 | TED/FEM/FPC/GEN/01/012Amendments To Disapora Remittances Procedures
The circular from the Trade and Exchange Department reiterates instructions to International Money Transfer Operators (IMTOs) regarding diaspora remittances to Nigeria. IMTOs must deposit funds into Agent Banks' correspondent accounts, with Agent Banks responsible for final payment to beneficiaries in foreign currency cash or into their domiciliary accounts. The payment mode is at the beneficiary's discretion.
TRADE AND EXCHANGE DEPARTMENT 09 46237831 09 46237809 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/012 December 02, 2020 TO: ALL AUTHORIZED DEALERS/ THE GENERAL PUBLIC RE: AMENDMENT TO PROCEDURES FOR RECEIPT OF DIASPORA REMITTANCES Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/011 of November 30, 2020, on the above subject, we wish to reiterate and clarify to All International Money Transfer Operators (IMTO) the following; 1. IMTO's must ensure that all funds in favour of beneficiaries/recipients in Nigeria be deposited into the Agent Banks' correspondent account.
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Agent Banks (Deposit Money Banks) in Nigeria will be responsible for final payment to beneficiaries/recipients either in foreign currency cash (USD) or into the beneficiaries'/recipients' domiciliary account in Nigeria.
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The mode of payment either in cash or transfer is at the sole discretion of the beneficiaries/recipients.
Please ensure strict compliance and be guided accordingly.
.S. NNA DE & EXCHANGE DEPARTMENT