• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, May 17, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy

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

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

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.

ALSO READ  FIRS achieves 100% 2021 revenue target

“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.

ALSO READ  Nigeria loses $157b to illicit financial flow

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.

ALSO READ  Twitter resumes operations in Nigeria seven months after suspension
Tags: DiasporaRemittances
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
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

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

CBN reports drastic decrease in rice import

CBN reports drastic decrease in rice import

November 7, 2018
China launches space rocket

China launches space rocket

November 20, 2018
Sukuk peaks, more profitable in Nigeria despite opposition

Sukuk peaks, more profitable in Nigeria despite opposition

September 23, 2020

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

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

© 2022 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
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?