Nigerians expecting foreign currency from relatives abroad may face changes as banks announce a shift to paying beneficiaries in Naira, following a directive from the Central Bank of Nigeria (CBN).

CBN
CBN

Previously, recipients could collect funds in the same currency they were sent, but now they’ll receive the country’s local currency either into their accounts or as cash at prevailing exchange rates.

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This move aims to curb trading dollars on the parallel market, reducing the gap between official and parallel forex rates and bolstering Nigeria’s foreign reserves.

While streamlining transfers, the decision may discourage some from using international money transfer services, potentially prompting the exploration of other remittance channels.

Though the Central Bank of Nigeria denies plans to convert domiciliary accounts into local accounts, some analysts speculate this directive may indirectly lead to such measures.

Overall, this means Nigerians may no longer access foreign currency within the country easily.

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