{"id":77099,"date":"2020-11-30T19:21:06","date_gmt":"2020-11-30T18:21:06","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=77099"},"modified":"2020-11-30T19:29:17","modified_gmt":"2020-11-30T18:29:17","slug":"cbn-says-nigerians-can-now-receive-money-transfers-in-dollars","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/cbn-says-nigerians-can-now-receive-money-transfers-in-dollars\/","title":{"rendered":"CBN Says Nigerians Can Now Receive Money Transfers In Dollars"},"content":{"rendered":"
\n
The Central Bank of Nigeria CBN says foreign currencies sent by Nigerians in diaspora can now be received in Nigeria in foreign currencies.<\/div>\n
\n
\n

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.<\/p>\n

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.<\/p>\n

The CBN said beneficiaries would have the option of receiving the cash in U.S Dollars or have it deposited in their domiciliary accounts.<\/p>\n

CBN had said receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira.<\/p>\n

\u201cWe 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,\u201d CBN had said.<\/p>\n

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.<\/p>\n

See attached circular for more:<\/span><\/em><\/h3>\n

Circular Diaspora Remittances Nov2020<\/a><\/p>\n

 <\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria CBN says foreign currencies sent by Nigerians in diaspora can now be received in Nigeria in foreign currencies. 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