Instead of paying beneficiaries in dollars or other foreign currencies as they did in the past, International Money Transfer Operators (IMTOs) would instead pay beneficiaries in Nigerian naira.

In accordance with the new rule, banks would pay beneficiaries in Nigerian Naira for foreign money transfers made through IMTOs rather than in dollars, pounds, euros, or other currencies.

According to Alabareports, the new regulation, which is based on a directive from the Central Bank of Nigeria (CBN), has an impact on IMTOs including MoneyGram, Western Union, Ria, and rapid transfer.

The CBN directive, dated January 31, 2024, states that all in-bound money transfers to Nigeria (through the aforementioned IMTOS) must be made in Naira using a bank account or in cash at the going rate in the Nigerian Foreign Exchange Market. This information is based on a recent notice from Ecobank Nigeria.


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