Banks Comply With CBN Policy On Diaspora Remittances

Deposit Money Banks have started complying with the Central Bank of Nigeria’s new policy on Diaspora remittance, as they have commenced payment of dollar to recipients.

The move follows the regulator’s policy shift on Diaspora remittance amidst drop in dollar inflows.

The apex bank had on November 30 reviewed its policy on remittances which will allow recipients receive their funds in dollars or in the designated foreign currency of their choice.

The move had given the naira a lift over the dollar at the parallel section of the foreign exchange market.

Deposit Money Banks and International Money Transfer Operators were directed to comply with the new policy effective December 4.

The CBN Governor, Godwin Emefiele had said, “Any of our brethren in the Diaspora who wishes to remit funds to members of their families or any recipient in Nigeria is free to go to any of the IMTO offices and I will repeat particularly the ones that we have engaged so far, Western Union, MoneyGram and RIA Money Transfer and that they will be able to remit funds to their recipients in Nigeria effective tomorrow morning, December 4, 2020.”

Findings by THE WHISTLER in some Deposit Money Banks such as Access Bank, First Bank, Polaris Bank and Guaranty Trust Bank showed that the policy is being complied with.

“You can withdraw dollars over the counter from your domiciliary account,” First Bank of Nigeria Plc told THE WHISTLER in an emailed response regarding compliance to the policy.

Ecobank Nigeria Plc also confirmed in a mailed response that customers and beneficiaries could be paid dollar over the counter or left in their domiciliary accounts.

Access Bank Plc’s Head, Media Relations, Abdul Imoyo said in a response that customers could receive remittances in dollar from any of its branches nationwide.

Guaranty Trust Bank Plc also confirmed adherence to the apex bank policy which would accelerate the inflow of remittances.

Polaris Bank’s Group Head, Product and Market Development, Adebimpe Ihekuna had earlier confirmed that the bank has commenced payment of dollar to beneficiaries.