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International Money Transfer Operators to Pay in Naira

Published

3 years ago

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Nigerian banks have started the implementation of CBN’s new requirements for international money transfer operations.

 Based on the new rule, commercial banks are now allowed to convert customers’ remittances from abroad to naira.
A recent notice from Ecobank Nigeria said several IMTOs including Western Union, MoneyGram, Rapid Transfer, Ria, and other IMTOs approved by the Central Bank of Nigeria 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, 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.”

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