CBN tells Nigerians: You can no longer receive diaspora remittances in Dollars

Olayemi Cardoso, CBN Governor

The Central Bank of Nigeria (CBN) has barred international money transfer operators (IMTOs) from paying Nigerians in US Dollars.

Nigerians who hitherto received diaspora remittances in Dollars will, according to a report by TNT, no longer be able to.

The IMTOs have started implementing the CBN’s new requirements for international money transfer operations already.

The IMTOs as a result have updated features on their apps for Nigerians resident abroad who wish to remit foreign currency back home.

Based on the new rule, Nigerians resident abroad are now only allowed to transfer the equivalent USD amount in Naira.

The IMTOs, including WorldRemit, and Sendwave, amongst others, have started notifying customers about the implementation.

A WorldRemit’s notice to customers reads: “We can no longer support transfers in USD – only in Naira. If you’re about to send money to Nigeria – this is important.

“The Central Bank of Nigeria (CBN) has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria”.

A similar notice by Sendwave reads: “In compliance with a recent directive from the Central Bank of Nigeria (CBN), we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead”.

TNG reports the development is in compliance with CBN’s recent revised guidelines on international money transfer operations.

Recall that the CBN had earlier instructed banks to begin paying Dollars and other foreign currency payouts from abroad in Naira to boost forex supply.

“All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash.