International money transfer operators (IMTOs) including Western Union, MoneyGram, Rapidtransfer, Ria, and others approved by the Central Bank of Nigeria (CBN) will now exclusively use the Nigerian Naira for international transfers.

This directive aligns with recent guidelines issued by the CBN.

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According to a notice issued by Ecobank Nigeria, the regulatory changes affect inbound money transfers into Nigeria through the aforementioned IMTOs.

The notice highlights that all inbound transfers facilitated by these operators will be disbursed solely in Naira, either through a bank account or in cash at the prevailing exchange rate in the Nigerian Foreign Exchange Market.

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The directive, outlined in a Circular dated January 31, 2024, underscores the CBN’s efforts to regulate and streamline international money transfers into the country.