Nigeria: Domiciliary accounts, unrestricted access to receipt of diaspora remittances
Nigeria: Domiciliary accounts
The Central Bank of Nigeria on 30 November 2020 issued two circulars clarifying the functions of domiciliary accounts and amending the procedures for the receipt of diaspora remittances into Nigeria.
The clarifications and amendments are intended to stabilize and deepen the foreign exchange (FX) market, provide greater liquidity, and create transparency—especially in the administration of diaspora remittances into Nigeria.
Read a December 2020 report [PDF 156 KB] prepared by the KPMG member firm in Nigeria
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