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Naira now currency for international transfers – Nigerian Bank



Suspend Naira redesign indefinitely CPPE tells CBN

The Nigerian Bank has made an announcement stating that Naira will now be used as the currency for international transfers facilitated by international money transfer operators, IMTOs. This decision is in accordance with recent directives from the Central Bank of Nigeria, CBN.

In a recent notice issued by Ecobank Nigeria, it was mentioned that several IMTOs including Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN-approved IMTOs have been impacted by the directive. The notice from Ecobank Nigeria 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.”

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