The Central Bank of Nigeria (CBN) has unveiled a set of new measures aimed at enhancing local currency liquidity for the settlement of diaspora remittances. The key points from the circular dated June 24, 2024, are highlighted below:
- Same-day settlement is available for transactions confirmed before noon on a trading date.
- Pricing is based on prevailing NAFEM rates and an observable market benchmark.
- The measures follow existing arrangements for authorized dealers with Foreign Portfolio Investment in primary market securities auctions.
- Mandatory daily regulatory returns to the CBN, including relevant fund source information, are required.
- International Money Transfer Operators (IMTOs) must confirm partner banks and provide standard settlement instructions.
- Participants include Money Transfer Operators (MTOs), Authorized Dealer Banks, and the CBN.
Note: IMTOs can now access Naira liquidity directly from the CBN or through their authorized dealer banks. This directive is effective immediately.
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