Nigeria CBN Mandates Nigerian Banks to Pay Diaspora Transfers in Naira

In response to the Central Bank of Nigeria's recent directive limiting International Money Transfer Operators (IMTOs) to inbound transfers only, IMTOs have ceased dollar transfers to Nigerians, now opting to pay in naira.

The CBN's move, aimed at liberalizing the foreign exchange market and enhancing transparency, restricts IMTOs to providing money transfer services exclusively from foreign countries into Nigeria.

The apex bank further mandates IMTOs to quote exchange rates for naira payout based on prevailing market rates. Notable operators like WorldRemit and Sendwave have promptly adjusted their services, ceasing USD transfers and encouraging customers to switch to naira transfers in compliance with the new directive.