All foreign currency transfer to be given in Naira – Nigerian Bank

International money transfer operators, IMTOs, will now allow international transfers using naira as the currency.

This complies with the latest guidelines issued by the Central Bank of Nigeria (CBN).

Numerous IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and other IMTOs authorized by the Central Bank of Nigeria, have reportedly been impacted, according to a recent warning from Ecobank Nigeria.

The Ecobank Nigeria notice read: “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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