How to Receive Money From Abroad Using the eNaira as CBN Releases Guidelines
- The Central Bank of Nigeria has asked Nigerians sending money from abroad to use the eNaira
- In recent guidelines, the CBN said all International Money Transfer Operators are to open merchant wallets with the CBN
- The guidelines outlined ways recipients of foreign currency could use the eNaira to access their funds
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The Central Bank of Nigeria (CBN) has issued operational guidelines for using the eNaira for diaspora remittances.
In a circular signed by its Director of the Exchange Department, O.S Nnaji, the apex bank said that the move is to liberalise diaspora remittances and promote the adoption of the eNaira.
Source: Facebook
CBN said the eNaira is a viable payment option for recipients of diaspora remittances.
How to send money via the eNaira
The bank revealed that the circular also informs International Money Transfer Operators (IMTOs) of its new guidelines for using the eNaira as a remittance.
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For recipients of diaspora remittance, CBN said the international money operators should apply to the CBN to use the eNaira as a payment option for the receipt eNaira in Nigeria.
After the application, the CBN shall provide the account details where foreign currency from the IMTOs shall be received.
CBN said all international money operators all required to open Merchant Wallets via the CBN and that they are required to pre-fund their wallets with foreign currency.
It said that the bank should fund the IMTO wallet with the eNaira equivalent of the foreign currency earlier funded by the IMTO.
How to receive money using the eNaira
According to the CBN, the sender will initiate the transfer with the preferred IMTO overseas and provide details of the recipient’s wallet.
The IMTO shall log into the eNaira website or web wallet, debit its Merchant wallet and credit the beneficiary with the eNaira equivalent of the foreign currency sent at the origin using the prevailing exchange rate at the I&E window.
Alternatively, CBN said, the IMTO could integrate its eNaira portal via the API provided by the CBN and initiate the transfer of the eNaira equivalent of foreign currency using the prevailing foreign exchange rate.
CBN said using eNaira for receipt of diaspora remittance is optional, stating that the option of eNaira payout shall run concurrently with the dollar payout.
The CBN has been projecting the digital currency to Nigerians as a viable alternative for sending and receiving funds nationwide.
On several occasions, the bank had touted the eNaira as a secure means of payment to drive financial inclusion, among others.
“1 Naira to 1 eNaira”: CBN tells Nigerians abroad to send money home using Its digital currency
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had asked Nigerians abroad to consider eNaira as a payment option for diaspora remittances.
The suggestion is in the bank's circular titled, "Operational Framework for eNaira Payment Option to Recipients of Diaspora Remittances," dated June 15, 2023.
In the circular, addressed to the International Money Transfer Operators (IMTOs) and the public and signed by CBN's director of Trade and Exchange Department, Ozoemena Nnaji, the apex bank noted that the move was in furtherance of efforts to liberalise the payout of diaspora remittances.
Source: Legit.ng
