The Central Bank of Nigeria (CBN) has ordered commercial banks in the country to require certain IDs for payment of diaspora remittances.
Recall the CBN had in a circular dated January 31, 2024, containing revised guidelines to International Money Transfer Operators (IMTOs), barred Nigerians from receiving diaspora remittances in Dollars.
This the apex bank said is in line with recent reforms to liberalise the foreign exchange market and ensure transparency in foreign exchange market transactions.
According to the guidelines contained in the circular, all foreign currency transfers will be received in Nigeria only in Naira, either directly into the beneficiary’s bank account or received in cash.
It stated that transfers above the Naira equivalent of $200 will be credited to the beneficiary’s bank account.
It added that cash payment equivalent for amounts below $200 will require certain means of identification.
TNG reports the means of identification okayed by the apex bank are International Passport, Driver’s License, National Identity Card and INEC Permanent Voters Card (PVC).
Despite efforts of CBN, the Naira continues to record decline against the Dollar.
Yesterday, the Naira exchanged at N1,534.39 to a Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market.
The exchange rate fell to N1,490 to a Dollar at the parallel market with traders expecting further weakness in the coming days as Dollar shortages worsen.
That was the second time in many months that the official exchange rate was weaker than the parallel market rate.
The Naira had on January 30, exchanged at N1,482.57 to dollar at the NAFEM – the official market.
The exchange rate fell to N1,460 to a Dollar at the parallel market over persistent dollar scarcity.