Amendments To Disapora Remittances Procedures

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.

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.
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

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it

The links and the sentences they come from (2)

Amends

Amendment to Procedures for Receipt of Diaspora Remittances2020 · CBN
“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;”
FPC Circular No. 11 dated 2020-11-30Not in RegAlert
“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;”

Lineage: No known changes

Timeline

Similar documents from other regulators