In a circular recently released to the public, the Central Bank of Nigeria (CBN) has directed International Money Transfer Operators to commence remittances payout in Naira to beneficiaries.
The apex banks’ circular referenced: FED/FEM/PUB/FPC/001/004 that was issued by the Director of Trade and Exchange, Dr Ozoemena Nnaji, also directed that the Investors’ and Exporters’ Window foreign exchange rate should be used in determining the rate for such Naira payout, OsunDailyNG understands.
The CBN said the new circular was in furtherance to its recent circular dated November 30, 2022, with reference number: FED/FEM/FPC/01/011, which provided guidelines on the payout policy of Diaspora remittances to beneficiaries back home.
The apex bank further noted that the Naira payment was only an option, in addition to United States Dollars and E-Naira in receiving Diaspora remittances.
Barely two weeks ago, the Central Bank of Nigeria (CBN) stated that it plans to intervene in the new charges adopted by Point of Sale (PoS) operators in Nigeria.
OsunDailyNG understands that PoS agents are meeting with stakeholders across the country to agree on changes in transaction charges for their services.
The National Public Relations Officer, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Oluwasegun Elegbede, told Punch that there had been an increase in PoS charges across Lagos, Ogun, and Edo states.
He explained that other states are also planning on following in the footsteps of Lagos and increasing their transaction fee.
Recall that the PRO, AMMBAN, Lagos Chapter, Stephen Adeoye, on Friday, June 30, had declared the new price lists on Channels Television’s Business Morning programme.
He said, “Let me tell you the price list, N1000–N2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; N4,100 to N6,400 will be N300; N6,500 to N7,900 will be N400; N8500 to N10,900 will be N500; N11,000 to N14,000 will be N600; N14,500 to N17,900 will be N700; N18,000 to N2000 will N800 for withdrawal.”
Speaking on the development, Elegbede said the PoS operators are adjusting their prices to reflect the country’s current economic realities.
He said, “Yes, it is something that is expected to happen nationally, looking at business last year and the current economic realities, it is very important that we also continue to stay in business.
“Every other thing in the market has gone up, and we operate in the same market as every other business. Basically, the source of our business, the funding, the operational cost, and payment of staff is borne by us.”
Commenting on the increase, the Director, of Corporate Communications, CBN, Isa AbdulMumin, told the aforementioned publication that the apex bank was aware of the issue and working towards resolving the situation.
Responding to a text, he said, “CBN is very much aware and working towards resolving the issue.”
