The Central Bank of Nigeria, CBN, has published an updated list of International Money Transfer Operators (IMTOs) approved for Diaspora Remittances in the country.
The apex bank made this known via its official website on Monday.
Among the 57 IMTOs, on the list dated April 1, 2021are: Aftab Currency Exchange Ltd, Nigerian Postal Service, Ria Financial, PayPal Inc, Western Union, Swift Payment Ltd and Worldremit Ltd.
Following the fast depleting external reserves ocassioned by continuous interventions in the foreign exchange market to save the local currency and as well to encourage Nigerians in Diaspora, who were losing interest in the economy due to multiplicity of exchange rates and insecurity, CBN recently decided to encourage them by announcing a new “CBN Naira for Dollar Scheme ”for senders and recipients of International money transfers.
The CBN in a statement released by its Director, Trade and Exchange Department, A.S Jibrin, said it will through commercial banks pay remittance recipients the Incentive of N5 for every $1 remitted by the sender and collected by the designated beneficiary.
It stated that all recipients of diaspora remittances through CBN licensed IMTOS shall henceforth be paid N5 for every $1 received as remittance inflow withing the period it would last.
