International Money Transfer Operators To Pay In Naira

International Money Transfer Operators To Pay In Naira

The CBN directs banks to pay clients' foreign-transmitted funds in Naira

The Central Bank of Nigeria's updated guidelines for domestic international money transfer operations have been fully implemented by Nigerian banks.

The CBN, among other things, stopped paying customers in dollars when it released updated guidelines for international money transfers on Wednesday, January 31.

As a result, Nigerians who receive dollars from friends and family who live abroad will now receive payment in naira, which can be made in cash or via a bank account.

In a Friday notice to clients, a well-known bank 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 dated January 31, 2024, stipulates that all in-bound 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.

“Furthermore, transfers exceeding the naira equivalent of $200 must be credited to the recipient's bank account. Naira cash payment equivalent for amounts below $200 will require an acceptable means of identification.

“The acceptable means of identification is any of the following: international passport, Driver's licence, National identity card and INEC Permanent Voters Card.”