Diaspora remittance :CBN will penalize operators paying in local currency

The Central Bank of Nigeria CBN has frown at the continuous payment of remittance in local currency contrary to the regulatory directives given to all financial institution in the country

Recent policy on pronouncement by the CBN on amendment that all local currencies transfers of foreign remittance should remain in foreign currency.

The CBN governor,Godwin Emiefel has directed all licensed institution to comply with the initial guidlines as contravention will attract stiff penalty including revocation of license.

Mr Godwin Emiefele says this new policies will boost Nigeria foreign exchange liquidity.

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