It is official. Nigerians can once again receive money sent them from their friends and relatives living overseas in the foreign currency of their choice or in Naira.
“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,” the statement said.
The CBN said beneficiaries will have unlimited access and utilisation to such foreign currency proceeds, either in cash and or in their domiciliary accounts.