A lot is changing about how money flows in and out of Nigeria, especially as the exchange rate has been unified.
The Central Bank of Nigeria is making a request from Nigerians abroad who often send money home to their families.
The CBN, wants Nigerians in the diaspora to send money home using the e-Naira platform.
This request was contained in a circular released by the bank on Thursday, entitled “Operational Framework for e-Naira Payment Option to Recipients of Diaspora Remittances.”
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The circular was signed by the CBN Director of Trade and Exchange Department, Dr. Ozoemena Nnaji.
He said the circular was addressed to the International Money Transfer Operators (IMTOs) and the public, in furtherance of efforts to liberalise the payout of diaspora remittances.
According to the guidelines, IMTOs must request a one-time “No-Objection” approval from the CBN to make payouts in e-Naira.
All commercial banks have been mandated to provide account details for receiving foreign currency from IMTOs.
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The apex bank emphasised that receiving diaspora remittances in e-Naira was optional.
Also the CBN said the digital currency payout option will coexist with the Dollar payout.
It said “the e-Naira, like the physical Naira is a legal tender in Nigeria and a liability of the CBN.
“The e-Naira and Naira have the same value and will always be exchanged at 1 Naira to 1 e-Naira”.
