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Nigerian Bank: Naira designated as currency for international transfers

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International money transfer operators, IMTOs, will now facilitate international transfers using Naira as the designated currency. This aligns with recent directives from the Central Bank of Nigeria, CBN.

Ecobank Nigeria has issued a notice stating that several IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN-approved IMTOs, have been impacted.

The notice from Ecobank Nigeria reads:

“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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