Nigeria Orders Diaspora Remittances Paid in Naira Only From May 1

A Central Bank of Nigeria directive now requires all international money-transfer operators — including Western Union, MoneyGram and Remitly — to settle diaspora remittances exclusively in naira at the official Bloomberg BMatch rate, ending dollar payouts and domiciliary-account settlement. With the naira near NGN 1,376 to the dollar and roughly 23 million Nigerians dependent on remittances, the policy reshapes how money sent home is received.

The practical risk for senders is the gap between official and parallel rates: if it widens, recipients lose value and senders may drift to informal channels. Anyone supporting family in Nigeria should confirm how their provider now prices and settles transfers.