Nigeria orders remittance payouts in naira only

The Central Bank of Nigeria’s May 1 directive requires all inbound international remittances to be paid out in naira at the bank or agent counter — ending the prior practice where recipients could collect in USD cash. The change is being framed as part of the CBN’s broader push to deepen the formal FX market and improve naira liquidity.

For diaspora senders the cost is not obvious at the sending end — providers still quote and charge in USD or GBP. The shift moves where the FX conversion happens and who absorbs the spread. Recipients now take the CBN-window naira rate at payout, not the parallel market rate they could previously access by holding the USD.

The practical question for diaspora households is whether the receiving end can still access better FX through other channels (digital wallets routing differently, USD-denominated domiciliary accounts where eligible) — or whether the spread loss is now structural. Worth a corridor-specific check before assuming the previous arrangement still holds.

Source: Central Bank of Nigeria directive, May 1, 2026; Nigerian financial press reporting.