Forex: Banks complying with CBN’s directive on transfers

Commercial Banks in Nigeria have started complying with directives of the Central Bank of Nigeria, CBN on international tranfers of foreign currencies.

As part of measures to stabilize local currency, the CBN late last week, said the Naira would now be the currency for international transfers to be facilitated by international money transfer operators (IMTOs).

Complying with the directives, Ecobank Nigeria, in a notice, said several IMTOs including Western Union, MoneyGram, Rapidtransfer, Ria, and other IMTOs approved by the Central Bank of Nigeria have been affected.

“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 (CBN) 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,” the bank states.