CBN Amends Circular on Procedures for Receipt of Diaspora Remittances

December 2, 2020/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; 

  • 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.

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