In other words, dollars sent in Nigeria can now be received in dollars, ending an era when Nigerians received Naira for the value of dollars transferred by international money transfers.
The move, a change in policy, according to a circular signed by the CBN Director of Trade and Exchange Dept, is to help deepen foreign exchange market and provide liquidity.
The CBN said beneficiaries would have the option of receiving the cash in U.S Dollars or have it deposited in their domiciliary accounts.
CBN had said receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira.
“We have a policy on spending Naira in Nigeria and not dollar because of what that does; it affects the value of our currency when we start spending foreign currency in Nigeria,” CBN had said.
However, according to the CBN, the change in policy is to help liberalize, simplify and improve the receipt and administration of diaspora remittance into Nigeria.
See attached circular for more: