International Money Transfer Operators (IMTOs), will now pay Nigerian beneficiaries in Naira instead of Dollars and other foreign currencies as the case was previously.
Based on the new regulation, banks will pay Nigerian beneficiaries in Naira, not dollars, Pounds, Euros or others, for international money transfers received through IMTOs.
The new rule, which is based on the directive from the Central Bank of Nigeria (CBN), affects IMTOs such as Western Union, MoneyGram, Rapid transfer, Ria, and others.
According to a recent notice from Ecobank Nigeria, the CBN directive 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.
The Ecobank notice 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 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.”
This platform understands the move is part of efforts by the CBN to stem the unfavourable exchange rate between the Dollars and Naira.
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