No More Dollars! International Money Transfers Switch to Naira in Nigeria.
Following the directive of the Central Bank of Nigeria (CBN) barring international money transfer operators (IMTOs) from paying Nigerians in foreign currencies, Nigerians abroad will no longer be able to send dollars or foreign currencies into bank accounts in the country.
IMTOs removed the option of sending dollars or other foreign currency to Nigeria on their websites and mobile applications in compliance with the CBN directive. Consequently, Nigerians abroad are only allowed to transfer the naira equivalent amount of the foreign currency.
LEADERSHIP findings show that IMTOs are removing the option of sending dollars to banks accounts in the country and are exchanging at the rate of N1,450 to the dollar.
WorldRemit, in a notice to customers, said: “we can no longer support transfers in USD – only in Naira. If you’re about to send money to Nigeria – this is important. The Central Bank of Nigeria (CBN) has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria.”
Similarly, Sendwave, in notice to customers, said: “In compliance with a recent directive from the Central Bank of Nigeria (CBN), we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead.”
The CBN had earlier instructed banks to begin paying Dollars and other foreign currency payouts from abroad in Naira to boost forex supply. “All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash. Proceeds of IMTO more than the equivalent of $200 shall be paid through an account.
“Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification. Where the beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank. The exchange rate for the Naira payment shall be at the prevailing rate in the Nigerian Foreign Exchange Market,” the CBN guideline reads in part.
