Polaris Bank Acknowledge CBN’s Directive on Diaspora Remittances in USD

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The Central Bank of Nigeria (CBN)has recently issued directive to all Money Deposit Banks in the country to allows recipients of money transfer from anywhere in the World to receive their funds in US dollars through any branch of the Bank in Nigeria.

Polaris Bank has followed the CBN’s directive ordered it branches to commence payment of US dollars to all beneficiaries of money transfer across all its branches in Nigeria.

 

The statement was cited in a notice from the bank sent to its customers, saying beneficiaries of money transfer can now receive their remittance in US dollars in cash or directly into a domiciliary account in the bank.

Furthermore, the bank said, the service is also open to both account and non-account holders alike.

READ ALSO THIS: CBN expects $2bn diaspora remittances monthly, says Emefiele

 

Polaris Bank’s Group Head, Product and Market Development, Mrs. Adebimpe Ihekuna further disclosed that all beneficiaries are able to receive their funds conveniently in dollars within minutes with a valid identification, including BVN.

 

She urged Nigerians in the Diaspora and their beneficiaries to take advantage of the seamless remittance dollar cash payout option service in the Bank to receive their transfers this festive season.

Ihekuna, explained that Polaris Bank has existing relationship with all leading and licensed global money transfer operators, which makes it easy for Nigerians to receive money through the Polaris Bank.

READ ALSO THIS: CBN Directs Banks to Close Naira Accounts for IMTO Proceeds

She further added that the Bank’s large network of over 300 branches and dedicated money transfer locations across major cities makes the option of receiving transfer through Polaris Bank very convenient for beneficiaries.

 

According to the report, over 15 million Nigerians’ in the Diaspora and an estimated $25 billion in annual remittances, Nigeria is the fifth largest receiver of diaspora remittances in the World.

 


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