What you need to know about the new CBN remittance rules.
Created by: Afeez Ajigbotosho
Modified on: Tue, 2 Feb, 2021 at 1:54 PM
Nigeria banks will begin FX payout under the new foreign exchange remittance rules. A few weeks ago, the Central Bank of Nigeria (CBN) instructed all International Money Transfer Services to pay out monies sent to Nigeria from abroad in dollars either in cash over the counter or in domiciliary accounts through deposit money banks.
What does this mean for Lemonade Finance and our customers?
- Lemonade Finance will continue to offer support for direct deposit into your recipient's bank account in less than 10 (ten) minutes.
- We are working around the clock with our banking partners to adjust our operations to provide cash pickup alternative to our customers in the coming weeks in line with the new directive from the Central Bank of Nigeria to remit all international money transfers in USD as cash pickup.
- When cash pickup is available, we will inform all our customers via email and notifications.
- Our customer's experience is most paramount to us so when we finally provide cash pickups, we will make sure we don’t ruin the experience of sending money to your loved ones.
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