The Central Bank of Nigeria (CBN) has made an announcement stating that the Nigerian Naira is now an available payout option for recipients of international money transfers. According to the CBN, International Money Transfer Operators (IMTOs) are required to utilize the Investors’ & Exporters’ window rate as the reference rate for these transactions. The directive was outlined in a document signed by S.O Nnaji, the director of the trade and exchange department at the CBN.
The document reads, “Following the circular referenced TED/FEM/FPCIGEN 01/011 dated November 30, 2020, regarding the subject matter, the Central Bank of Nigeria hereby declares the Naira as a payout option for recipients of international money transfers. To clarify, International Money Transfer Operators are mandated to payout using the Investors’ & Exporters’ Window rate as the anchor rate on the day of the transaction. This regulation is effective immediately.”
Furthermore, the document states that recipients of diaspora remittances through CBN-approved IMTOs will now have the choice to receive their payments in Naira, in addition to the existing options of USD and eNaira.
The CBN’s updated list of IMTOs includes various operators such as Aftab currency exchange, Azimo Limited, Cashpot Limited, Caperemit UK Limited, CSL Pay Limited, DT & T Corporation, Flutterwave Technology Solutions Limited, Leadremit Limited, among others.
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