Nigerians to now receive foreign payments in naira – CBN

The Central Bank of Nigeria (CBN) has made an exciting announcement about our national currency, the naira. Now, when people send money from other countries (what we call remittances), they can choose to receive it in naira.

Payout Option in Naira for Receipt of Proceeds of Diaspora Remittances https://t.co/SXv4YuY28J pic.twitter.com/jz5PmopL9k

— Central Bank of Nigeria (@cenbank) July 13, 2023

This decision was shared in a circular dated July 10, 2023, by the CBN’s Director of Trade and Exchange Department, 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.

Until now, people could receive their remittances in dollars or eNaira, a digital version of our currency. But with this new change, they have an extra option to get their funds in naira. The CBN made sure to address the general public, deposit money banks, international money transfer operators (IMTOs), and others in this announcement.

The statement from the CBN said, “We are happy to inform you that the naira is now available as a payout option for receiving international money transfers. If you are receiving money from abroad through one of the CBN-approved IMTOs, you can choose to receive your payment in naira, in addition to USD and eNaira.”

To make things clear, the CBN mentioned that the IMTOs must use the exchange rate from the Investor & Exporter’s window on the day of the transaction when paying out the remittance.

This new regulation is effective immediately, and everyone involved is expected to follow it. Along with this exciting news, the CBN has also added five new IMTOs to its list of registered operators. These IMTOs are CSL Pay Limited, e-2-e Pay Limited, LeadRemit Limited, Lycamoney Financial Services Limited, and SimbaPay Limited.

This is a positive step towards making remittances more accessible and convenient for Nigerians everywhere.