The Central Bank of Nigeria (CBN) Tuesday directed banks and International Money Transfer Operators (IMTOS) to pay all diaspora remittances in naira and match with the corresponding foreign currency inflows going forward. CBN's Acting Director, W. J. Kanya, made the announcement in a circular on Tuesday, saying that the development is part of CBN's commitment to the smooth functioning of the foreign exchange market and to enable greater remittance flows through formal channels. CBN noted that these measures are aimed at widening access to local currency liquidity for the timely settlement of diaspora remittances. It added that henceforth, eligible IMTO
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