• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, September 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

New Diaspora remittances policy starts Dec. 4

The Matters Press by The Matters Press
December 4, 2020
Reading Time: 2 mins read
0
Africa’s remittance inflows hit $72b

Dollars

Dollars

By Tanko Mohammed
The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele has announced that the new CBN policy to improve the Diaspora remittances into the country would take effect from Dec. 4.

RELATED POSTS

‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF

‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

Emefiele made this in his remarks on “Improving remittance Inflows into Nigeria ” obtained from the apex bank’s official website.

He said that policy measures were designed to boost and facilitate an efficient flow of remittances sent home by Nigerians in the Diaspora.

“In an effort to liberalise, simplify and improve the receipt and administration of the Diaspora remittances into Nigeria, CBN wishes to announce as
follows:

“Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (U.S. dollars) through the designated bank of their choice.

“Such recipients of remittances may have the option of receiving these funds in foreign currency cash (U.S. dollars) or into their ordinary domiciliary accounts.

“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,” he said.

Emefiele said that the changes would 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.

“All Authorised Dealers and the general public should note that beneficiaries shall have unfettered access and utilisation to such foreign currency proceeds either in FX cash and/or in their Domiciliary Accounts,” he said.

He however said that some of the stakeholders had tried to frustrate the new policy measures, adding that the apex bank would resort to stiffer measures to ensure its implementation.

“In the course of following up on the implementation of the aforementioned new policies, the CBN observed some pushback by some of the International Money Transfer Operators (IMTOs) who were bent on undermining the new policies.

Tags: DiasporaRemittances
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria targets $1.2bn export capacity for every state
Economy/Technology

‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF

September 2, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF

September 2, 2025
Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Next Post
NEPZA on new template for registration of free zones in line with ease of doing business

NEPZA on new template for registration of free zones in line with ease of doing business

Covid-19 causes GDP’s contraction

Nigeria laying firm foundation for industrialisation

Recommended Stories

Nigeria to promote digital innovation, entrepreneurship – Pantami

Envoy seeks more Ireland, Nigeria collaboration on digital technology

May 15, 2023
“Naira-4-Dollar” getting results

Expert seeks protection for money lenders in Nigeria

December 17, 2023
Nigeria emerges Africa biggest energy sector

Cross River, Oando sign MoU on wind energy

December 8, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF
  • ‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF
  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us