The Nigerian Bank has announced that the Naira will now serve as the currency for international transfers facilitated by international money transfer operators, IMTOs. The decision is in accordance with recent directives from the Central Bank of Nigeria, CBN.
According to a notice from Ecobank Nigeria, this change affects several IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN-approved IMTOs. The notice stated:
“We would like to bring to your attention recent regulatory changes affecting international money transfers into Nigeria through Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN-approved IMTOS. The Circular issued by the Central Bank of Nigeria (CBN) dated January 31, 2024, stipulates that ALL inbound money transfers to Nigeria (via the above-mentioned IMTOS) will be paid ONLY in Naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market.”