Faster Naira Settlements for Diaspora Remittances with CBN Measures

The Central Bank of Nigeria (CBN) has introduced new measures aimed at streamlining the process for settling diaspora remittances in local currency. This initiative is part of the CBN’s efforts to ensure the smooth functioning of foreign exchange markets and encourage greater use of formal channels for sending money back to Nigeria.

Under the new guidelines, eligible International Money Transfer Operators (IMTOs) will have direct access to Nigerian Naira (NGN) liquidity through the CBN or via authorized dealer banks. This will facilitate faster settlements for recipients of remittances sent from abroad.

The CBN has also outlined specific procedures to ensure transparency and efficient execution of these transactions. These include same-day settlement for transactions confirmed before noon, pricing based on prevailing market benchmarks, and mandatory daily reporting by all participants.

The CBN also reiterated its requirement that all diaspora remittances must be paid out in Naira and correspond to the amount of foreign currency received.