Naira will now be the currency used for international transfers handled by international money transfer operators (IMTOs).
This is consistent with recent directions from the Central Bank of Nigeria, CBN.
According to a recent warning from Ecobank Nigeria, various IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and other Central Bank of Nigeria-approved IMTOs, 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, Rapidtransfer, 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.