CBN Orders Banks to Pay Customers Money Sent From Abroad in Naira

Nigerian banks have begun full implementation of the Central Bank of Nigeria’s revised guidelines on international money transfer operations in the country, Aso Naija Reports.

CBN had on Wednesday, January 31, issued the revised guidelines on international money transfers which halted the payment of dollars to customers, among others.

Subsequently, this means that Nigerians who receive dollars from family and friends in the diaspora, will now be paid in naira, either in cash or through a bank account.

A popular bank in a notice to customers on Friday said:

“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 dated January 31, 2024, stipulates that all in-bound 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.

Furthermore, transfers exceeding the naira equivalent of $200 must be credited to the recipient’s bank account.

However, Naira cash payment equivalent for amounts below $200 will require an acceptable means of identification.

Also, the acceptable means of identification is any of the following: international passport, Driver’s licence, National identity card and INEC Permanent Voters Card.”