• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, May 15, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Business Unlimited

CBN Improves Diaspora Remittances

Nwanne Ikemefune by Nwanne Ikemefune
February 3, 2021
in Business Unlimited
0 0
0
CBN Governor

Mr. Godwin Emefiele, CBN Governor

0
SHARES
120
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Central Bank of Nigeria Gonernor, Godwin Emefiele, has rolled out its policy to improve diaspora remittances into the country, starting December 4, 2020, this was made known in his remark on “Improving Remittance Inflows Into Nigeria” obtained from the apex bank’s official website.

Emefiele explains that the apex bank is on a mission “to liberalise, simplify and improve the receipt and administration of the diaspora remittances into Nigeria,” and CBN says the policy benefits will be glaring.

“Beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US dollars) through the designated bank of their choice.

“Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US dollars) or into their ordinary domiciliary accounts.

“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,” he stated.

The CBN boss stated the benefits of the policy include financing future stream of investment opportunities for Nigerians in the diaspora and at the same time, guarantee that recipients of remittances would receive a market-reflective exchange rate for their inflows.

The policy also guarantees beneficiaries “unfettered access and utilisation to such foreign currency proceeds either in FX cash and/or in their domiciliary accounts.”

Despite the extent to make good the policy Emefiele said; “In the course of following up on the implementation of the aforementioned new policies, the CBN observed some pushback by some of the international money transfer operators (IMTOs) who were on undermining the new policies.

“This was the reason the CBN had to insist that all DMBs must close all Naira General Ledgers through which the Naira remittances were hitherto being carried out.

“In an effort to enable smooth implementation of the policy, CBN has engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice,” he stated.

The CBN said these engagements, which took place with major IMTOs and the deposit money banks (DMBs), have committed the stakeholders “that they would deploy all the necessary tools to ensure that measures become effective from Friday, December 4.2

“I therefore seize this opportunity to announce to Nigerians both at home and in the diaspora that the policy of recipients receiving their monies from abroad kicks off on Friday,” he stated.

He the policy sprout from internal review of the operations of IMTOs and the potential impact improved flows could have on the economy. He also pointed out that the IT systems of the IMTOs (Western Union, Moneygram and Ria services) and the DMDs had ben configured to begin such remittances.

Enthused CBN helmsman, said: “We will also ensure that these funds can contribute to the overall development of our economy.”

Previous Post

PenOp Aims For Outstanding Sea Of Heads In CPS

Next Post

Nigerian Ship Owners Seek NNPC Patronage

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Leadway Advocates Safety First as Nigerians Embrace The New Year
Business Unlimited

Leadway Group Reinforces Creative Minds Community With Sponsorship Second-Year +234Art Fair

February 25, 2025
FIRS ICAN Members Dominate Profession, ICAN President Inaugurates Chapter, Commends Adedeji’ Leadership
Business Unlimited

No Hiding Place For Binance, FIRS Sues Cryptocurrency Company For $79.51b Over Alleged Economic Losses

February 19, 2025
FIRS ICAN Members Dominate Profession, ICAN President Inaugurates Chapter, Commends Adedeji’ Leadership
Business Unlimited

FIRS ICAN Members Dominate Profession, ICAN President Inaugurates Chapter, Commends Adedeji’ Leadership

February 5, 2025
Next Post
NNPC/ Shipping Fleet

Nigerian Ship Owners Seek NNPC Patronage

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
emPLE Partners LASPARK to Create And Sustain Green Lagos

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

May 14, 2025
Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

May 12, 2025
Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

May 12, 2025
Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

May 11, 2025
Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

May 11, 2025
PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

May 8, 2025
Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

May 7, 2025
Outstanding Sales Champions Fly High at Sanlam Annual Awards

Outstanding Sales Champions Fly High at Sanlam Annual Awards

May 3, 2025
ADVERTISEMENT

Recent News

emPLE Partners LASPARK to Create And Sustain Green Lagos

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

May 14, 2025
Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

May 12, 2025
Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

May 12, 2025
Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

May 11, 2025
Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

May 11, 2025
PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

May 8, 2025
Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

May 7, 2025
Outstanding Sales Champions Fly High at Sanlam Annual Awards

Outstanding Sales Champions Fly High at Sanlam Annual Awards

May 3, 2025
emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings And Protection

emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings And Protection

April 30, 2025
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

Soyinka lauds Nigerian Workers on May Day

April 30, 2025
NIA’ Fast Track, Transparent Claims Payment Collaboration With Fintech Gets Insurance Meets Tech (IMT) Endorsement

NIA’ Fast Track, Transparent Claims Payment Collaboration With Fintech Gets Insurance Meets Tech (IMT) Endorsement

May 3, 2025
Combatant PenCom Upholds Journalists Dignity, Moves to Recover N1.3bn Unpaid Pension Contributions From Media Organisations

Combatant PenCom Upholds Journalists Dignity, Moves to Recover N1.3bn Unpaid Pension Contributions From Media Organisations

April 29, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

emPLE Partners LASPARK to Create And Sustain Green Lagos

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In