Nigeria CBN's Currency Policy Update Sparks Controversy: Nigerians React to Shift from Dollar to Naira in International Transfers

Nigerians are experiencing a financial paradigm shift as banks roll out the full implementation of the Central Bank of Nigeria's (CBN) revised guidelines on international money transfers.

The new guidelines, issued on January 31, 2024, bring an end to the era of receiving dollars from family and friends abroad. Instead, recipients will now be paid in naira, either in cash or through a bank account. The CBN's move aims to reshape the foreign exchange landscape, encouraging the use of the national currency for inbound money transfers.

While some Nigerians express concerns about the implications of this policy, others seem indifferent. Questions about the applicable exchange rates, the fate of domiciliary accounts, and the impact on international transactions flood social media platforms. Critics argue that the policy might not significantly address the country's economic challenges and call for more comprehensive reforms.

The reactions on social media reflect a diversity of opinions. Some Nigerians question the timing and the potential unintended consequences of the CBN's decision, while others express hope that it could reduce dependency on foreign currencies. As the implementation progresses, Nigerians continue to navigate the evolving financial landscape, adapting to the changes brought about by the CBN's currency directive.