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