Rule · CBN · 10 Aug 2023 · TED/FEM/PUB/FPC/001/006

Re: Payout Option in Naira for Receipt of Proceeds of Diaspora Remittances

monetary

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.

NigeriaCentral Bank of Nigeria

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

Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.

Lineage: In force

amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it