CBN relaxes rules on foreign remittances and domiciliary accounts

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By Mukwuzi Joseph

The apex bank in a statement on Monday signed by O.S. Nnaji, director of trade & exchange of CBN, said recipients of such remittances may have the option of receiving such funds in the foreign currency cash or into their domiciliary account.

It read; 

“These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria, 

“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.”




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