Regulatory Alerts2024-06-25 | TED/FEM/PUB/FPC/001/019New Measures to Enhance Local Currency Liquidity for Settlement of Diaspora Remittances
The Central Bank of Nigeria has implemented new measures to enhance local currency liquidity for the settlement of diaspora remittances, as part of their commitment to the smooth functioning of foreign exchange markets and encouraging formal remittance channels. Eligible International Money Transfer Operators (IMTOs) can now access Naira liquidity through the CBN directly or through their Authorized Dealer Banks (ADBs). The measures include same-day settlement for transactions before 12 noon, using prevailing NAFEM rates as a benchmark, and submitting daily regulatory returns.
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fx
payments