By the recent directives from the Central Bank of Nigeria (CBN), the naira will now be the currency for international transfers facilitated by international money transfer operators (IMTOs).
According to a recent notice from Ecobank Nigeria, several IMTOs including Western Union, MoneyGram, Rapid Transfer, Ria, and other IMTOs approved by the Central Bank of Nigeria have been affected.
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, Rapid transfer, 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.”