Nigerian banks have begun full implementation of the CBN’s revised guidelines on international money transfer operations in the country.
CBN had on January 31st issued the revised guidelines on international money transfers which halted the payment of dollars to customers, among others
This means that Nigerians who receive dollars from family & 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 & other CBN approved IMTOS
The circular issued by the CBN dated January 31, 2024 stipulates that all in-bound money transfers to Nigeria will be paid only in naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market.
