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.

For some years now, many have grumbled at the situation which forced them to receive such remittance in Naira and very much against their wish.
They would prefer to have the foreign currency in thief bank of choice, and go to the black market to buy the Naira at the prevailing market rate which is always higher.
The new Central Bank of Nigeria is contained in a statement signed by O.S. Nnaji, the Director of Trade and Exchange, in Abuja.

“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.

By Editor

Teacher, Reporter, and Blogger

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