THE Central Bank of Nigeria (CBN) has announced the amendment to procedures for receipt of diaspora remittances into Nigeria.
This announcement was made in a circular issued by the CBN, to all authorized dealers and the general public on November 30th and December 2. It was signed by its Director, Trade and Exchange Department, Dr Ozoemena Nnaji.
According to CBN beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) will now receive such inflows in foreign currency (US Dollars) through the designated bank of their choice.
“Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account
“These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of diaspora remittances into Nigeria.
“The changes would also help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients of remittances would receive a market-reflective exchange rate for their inflows”.
CBN urged all authorized dealers and the general public to ensure strict compliance and be guided, noting that beneficiaries shall have unfettered access and utilization to such foreign currency proceeds, either in cash and/or in their domiciliary accounts in line with the circular.
CBN also noted that International Money Transfer Operators (IMTO), 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’ domiciliary account in Nigeria. The mode of payment either in cash or transfer is at the sole discretion of the beneficiaries/recipients,” the circular reads.
Meanwhile, the Nigerians in Diaspora Commission (NIDCOM) commended CBN for the newly adopted policy, to grant unfettered Access to Forex from Diaspora Remittances.
The Chairman/CEO NIDCOM, Hon. Abike Dabiri-Erewa, gave the commendation while hosting the first Honorary Consul of Columbia to Nigeria, Her Excellency, Hon. Maricel Romero Cantillo during a courtesy visit to the Commission in Abuja.
The Chairman/CEO Hon Abike Dabiri-Erewa received in audience the First Honorary Consul of Colombia to Nigeria Mrs Maricel, to collaborate with NiDCOM on ways to engage Nigerian diaspora in Colombia.
The NIDCOM Boss said Nigerians in diaspora are happy with the policy which will ultimately impact positively on diaspora remittances and Investments in Nigeria, saying the Commission has already set up a process to set up the Nigerian Diaspora Investment Trust Fund.
She also stated that beneficiaries of remittances by Nigerians in the Diaspora will get their money in the currency of transmission, rather than in naira, and advised them to patronize registered bureau de change legally in operation, while urging the CBN to further reduce the levies charged by IMTOs on remittances, with that of Nigeria being the highest in the world.
Dabiri-Erewa said she was happy to receive Columbia’s first honorary consul to Nigeria and said it was an opportunity to engage Nigerians in Columbia and Colombians in Nigeria, to deepen cultural and trade relations.
In her remarks, Hon. Maricel Romero Cantillo expressed her excitement to be the first Honorary Colombia Consul to Nigeria, as she believes this will strengthen the ties between Nigeria and Columbia.
Cantillo said she is hopeful for the future and looks forward to strengthen commercial and cultural ties between both countries, saying Columbia is a home for Nigerians and vice versa.
She added that Nigeria and Columbia share a lot of cultural similarities and encouraged the NIDCOM Boss to make plans to engage the Nigerian Community in Columbia as Nigerians are an asset to their host country.
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