Exchange: CBN adopts naira for international money transfers

As part of the plans to tackle the recent fallen of Naira against dollar and inflation in Nigeria, CBN has adopted naira for international money transfers.

,,,,,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).

As stated in the 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.

According to the Ecobank Nigeria notice which explain that “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.”