CBN New Policy on Diaspora Remittance kicks off on the 4/12/2020

CBN New Policy

The kick-off of the CBN new policy on Receipt and Administration of Diaspora Remittances is said to start today, the 4th day of December 2020.

The Central Bank of Nigeria has announced that the kick-off for its new Receipt and Administration of Diaspora Remittances commerce from today the 4th day of December, 2020.

This was made know to the public by the press release which was announced by the apex bank on the 3 of December 2020.

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The information became crucial after the discussion and interaction of CBN’s relevant stakeholders over the implementation of the new policy.

However, the new policy is aimed at providing a more comfortable platform for Nigerians in the Diaspora to send money back to Nigeria.

Read also: CBN Recruitment form 2020, how to apply.

What the CBN New Policy Implies

According to the recent development of the new policy, the Governor of Central Bank of Nigeria, Godwin Emefiele said:

“In the course of following up on the implementation of the aforementioned new policies, the CBN observed some pushback by some of the IMTOs, which were bent on undermining the new policies. This was the reason the CBN had to insist on Wednesday, December 2, 2020, that all DMBs must close all Naira General Ledgers through which the Naira remittances were being carried out.

“Following the announcement of these new policy measures, the Central Bank of Nigeria, in an effort to enable smooth implementation, engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.

“As a result of these engagements, which took place with major IMTOs and the DMBs today, Thursday, December 3, 2020, the stakeholders have committed that they would deploy all the necessary tools to ensure that these measures become effective from Friday, December 4, 2020.

“I therefore seize this opportunity to announce to Nigerians both at home and in the diaspora, that the policy of recipients receiving their monies from abroad kicks off on December 4, 2020. All the IT systems of these IMTOs (Western Union, MoneyGram and Ria services) and the DMBs have been properly configured to begin remittance tomorrow, Friday, December 4, 2020.”

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