Nigeria's Naira-Only Remittance Rule Reshapes How Diaspora Money Lands Home

Under a Central Bank directive effective May 1, 2026, International Money Transfer Operators must settle through naira accounts and pay beneficiaries in naira only, not US dollars or domiciliary accounts. Operators warn that if official and parallel rates diverge, price-sensitive senders may drift to informal channels.

What this means for you: check the exchange rate your service applies before sending; with naira-only payout, the rate, not the currency option, now determines what your family actually receives.