The Central Bank of Nigeria, CBN, has announced that customers can now send remittances in naira from any part of the world.
This decision was shared in a circular dated 10th July, 2023, by the CBN’s Director of Trade and Exchange Department, Dr O.S. Nnaji.
The circular explained that the exchange rate used for these naira payouts will be based on the foreign exchange rate from the investors and exporters, I&E window.
Before this policy change, customers could only receive their remittances in dollars or eNaira, but with this new change, they have an extra option to get their funds in naira.
The Apex bank disclosed that this positive step is aimed towards making remittances more accessible and convenient for Nigerians everywhere, adding that the new regulation takes effect immediately.
Story: Hilda Katu