Western Union, Moneygram, Others Begin To Pay Foreign Currency Cash To International Transfer Recipients

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Recipients today received their funds in foreign currencies 

The International Money Transfer Operators, IMTOs today 4 December, 2020 commenced paying recipients of Diaspora remittances in foreign currency cash (US Dollars, others) or in to their ordinary domiciliary accounts. 

This is in compliance with the directive of the Central Bank of Nigeria. The CBN Governor, Godwin Emefiele had announced that new CBN policy to improve the Diaspora remittances into the country will take effect from Dec. 4.

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He said he had directed all International Money Transfer Operators, ITMOs and Deposit Money Banks, DMBs to allow all recipients of Diaspora remittances unhindered access to the foreign currencies in which their remittances were made especially in US dollars except were the customer chooses to be paid in Naria equivalent. 

“Beneficiaries of Diaspora Remittances through International Money Transfer Operators, IMTOs shall henceforth receive such inflows in foreign currency (especially US dollars  through the designated bank of their choices. 

“Such recipients of remittances may have the option of receiving these funds in foreign currency (US dollars) or into their ordinary domicilliary accounts “

He said the policy is geared towards improving the Naria value as well as the economy. The policy will give the foreign currencies recipients the opportunity to make the dollar available in circulation to strengthen the Naria, and remove it from the hands of IMTOs and DMBs who hoard these currencies to fight the Naira. 

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The IT systems of the IMTOs: Western Union, Moneygram, Ria Services and the DMBs had been configured to handle such transactions and have started the remittances. 

Recipients today received their funds in foreign currencies. 

                                    What You Need To  Know 

With this new policy, you can now receive any money sent to you from abroad  cash in dollar and other currencies as against paying you Naira equivalent.

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