New CBN rules allow beneficiaries to withdraw funds in USD to boost formal remittances to Nigeria
WorldRemit, a leading digital cross-border payments business has announced that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up providers. Following the announcement of the Central Bank of Nigeria (CBN) a day before, WorldRemit quickly adapted to the new requirements making it the first digital service to offer its customers worldwide the option of cash pickup in USD in Nigeria. WorldRemit enables Nigerians in over 50 countries around the world to support their family and friends in Nigeria.
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The decision by the Central Bank of Nigeria (CBN) to allow international money transfers to be paid in foreign currency, is aimed at providing increased liquidity in the foreign exchange market. The bank explained that the new regulation is part of its efforts to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
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Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said: “ We are very happy to announce that customers can continue to send money to Nigeria seamlessly using WorldRemit. We have added a new option to send USD for cash pick up to approximately 3,500 cash payment points around the country. This will make international payments more convenient for Nigerians during this holiday season, when we typically see an increase in transfers.” Gbenga Okejimi emphasized that WorldRemit customers can continue to send money transfers quickly and securely to Nigeria via multiple payout methods such as bank accounts, cash pick up and airtime top-up.
Records indicate that there are approximately 15 million migrants from Nigeria living abroad in countries such as the United States, the United Kingdom, Canada and Italy. The Economist estimates that in 2018 alone Nigeria received $24 billion in remittances, making it the largest recipient in Africa.
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