Nigeria Banks To Pay Customers Money Sent From Abroad In Naira

Access, GTB, UBA, Zenith, and Others Will Pay Clients Who Sent Money From Overseas in Naira and Provide Exchange Rate

The CBN’s new guidelines for foreign money transfer operations are now being implemented by Nigerian banks. The new regulation permits commercial banks to exchange customers’ foreign remittances into naira. Additionally, CBN prohibited paying out dollars and other foreign currencies for overseas transactions that were made using IMTOs.

The Central Bank of Nigeria’s updated guidelines on international money transfer operations have been fully implemented by Nigerian banks. In an effort to increase the supply of foreign exchange and starve black market dealers, the CBN amended the rules governing the operations of international money transfer operators (IMTOs) and directed banks to start paying dollars and other foreign currency payouts from overseas in naira.

This is part of the CBN circular:

“All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash.”Any IMTO proceeds in excess of $200 must be paid through an account. Payment in cash will only be granted if a valid form of identification is presented. “The agent bank shall credit the beneficiary account in another bank if the beneficiary does not have an account with the IMTO agent bank.”

Banks start implementing everything fully Nigerian banks have responded to the new regulations by providing their clients with explanations in letters. Message from Ecobank to clients, as seen by DDM News.

“Hello, Appreciated Client, We would like to draw your attention to recent regulatory modifications that have an impact on foreign currency transfers into Nigeria.According to the Central Bank of Nigeria (CBN) Circular dated January 31, 2024, all incoming transfers of funds to Nigeria must be made in Naira using a bank account or cash at the going rate in the country’s foreign exchange market.Additionally, transactions that total more than $200 must be credited to the recipient’s bank account, while cash payments under $200 require a valid form of identification.

International passports, driver’s licenses, national identity cards, and INEC Permanent Voters Cards (PVC) are among the permissible forms of identification.

The Central Bank of Nigeria and the Nigerian government have reacted to rumors that the government intends to convert money in domiciliary accounts to naira. According to reports, accounts at several Nigerian banks, including Access, GTB, UBA, Zenith, and others, are holding more than $30 billion in idle funds. According to the article, this action will improve Nigeria’s currency supply and aid in the naira’s recovery in the foreign exchange market.

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