25/03/2026
๐๐๐ ๐๐๐ง๐๐๐ญ๐๐ฌ ๐๐๐ข๐ซ๐ ๐๐๐ฒ๐ฆ๐๐ง๐ญ๐ฌ ๐๐จ๐ซ ๐๐ข๐๐ฌ๐ฉ๐จ๐ซ๐ ๐๐๐ฆ๐ข๐ญ๐ญ๐๐ง๐๐๐ฌ
The Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs), including Western Union, MoneyGram, and WorldRemit, to open naira settlement accounts with authorized dealer banks in Nigeria.
Effective May 1, 2026, all diaspora remittance beneficiaries will receive funds in naira only, rather than in foreign currencies.
The policy aims to strengthen the local currency, improve liquidity in the foreign exchange market, and enhance transparency in remittance flows.