By Ifeoluwa Ebiseni (Associate, AELEX)
Over the past few weeks, the Central Bank of Nigeria (“CBN”) has issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”).1
According to the CBN, the Circulars were issued in an effort to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria. It was also stated that the clarifications and amendments are aimed at stabilising and deepening the foreign exchange market, providing more liquidity, and creating transparency, especially in the administration of diaspora remittances into Nigeria.
The initial circular issued on 30 November 2020 (“the 1st Circular”) to all authorised dealers and the public states that2:
The Central Bank of Nigeria (CBN) has responded to the public concern raised by its regulatory directive on cryptocurrency trading in the country. Osita Nwanisobi, Ag. Director, Corporate Communications at CBN explains the position of the banking regulator in a statement titled “Response to Regulatory Directive on Cryptocurrencies” obtained by
Technology Times, and reproduced below:
The attention of the Central Bank of Nigeria (CBN) has been drawn to various comments and reactions following our recent reminder to Deposit Money Banks (DMBs) to desist from transacting in / and with entities dealing in cryptocurrencies. Most of these reactions reveal that there appears to be a need to provide further justifications about our position, especially to the general public.
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The Central Bank of Nigeria has said it will review the products and solutions being introduced by licensed institutions.
It said this in a circular released on Monday to all Deposit Money Banks, Mobile Money Operators and Payment Service Providers titled ‘Issuance of the framework for regulatory sandbox operations’.
The circular read, “The Central Bank of Nigeria is committed to building a financial services sector that promotes stability, fosters innovation and deepen inclusion.
“In this regard, the CBN has implemented several reform initiatives towards the achievement of these objectives. In continuation of these efforts, the CBN hereby issues the framework for the regulatory sandbox operations in Nigeria.
DIASPORA REMITTANCES IN NIGERIA: EXAMINING THE NEW CBN
POLICY
By Ifeoluwa Ebiseni (Associate,
AELEX)
Over the past few weeks, the Central Bank of Nigeria
(“CBN”) has issued circulars amending and clarifying
the procedure for receipt of diaspora remittances (“the
Circulars”).
1
According to the CBN, the Circulars were issued in an effort to
liberalise, simplify and improve the receipt and administration of
diaspora remittances into Nigeria. It was also stated that the
clarifications and amendments are aimed at stabilising and
deepening the foreign exchange market, providing more liquidity,
and creating transparency, especially in the administration of
diaspora remittances into Nigeria.
The initial circular issued on 30 November 2020 (“the
By Lydia Ngwakwe
Lagos, Dec. 25, 2020 The Association of Licensed Mobile Payments Operators (ALMPO) has appealed to the Central Bank of Nigeria (CBN) to reconsider its position and re-allow Naira payments in cash into accounts or wallets.
The ALMPO Chairman, Mr Jay Alabrabra, told the News Agency of Nigeria (NAN) in Lagos on Friday that the apex bank’s decision to restrict international remittances to USD payouts only was of great concern to Nigerians.
“The CBN’s decision to restrict international remittances to USD payouts only is the overarching concern of everyone.
“It certainly limits the number of Nigerian citizens that can conveniently access funds sent from the diaspora.