Nigeria's naira-only remittance rule is now reality — here's how it's landing
Since 1 May, money sent home is paid out in naira only. The early read: the official-vs-street gap has nearly closed, but your recipient's flexibility has narrowed.
The Central Bank of Nigeria’s directive requiring all international money-transfer operators to settle through dedicated naira accounts took effect on 1 May. Beneficiaries now receive naira only — no dollar or domiciliary-account cash-out — with IMTOs pricing off real-time market rates.
The CBN’s case is that this builds transparency and FX-market depth, and the numbers it cites are striking: the premium between the official and parallel rates has collapsed from over 60% in 2023 to near 2%, and the bank is targeting US$1bn in monthly diaspora inflows by year-end, with 2026 remittances projected around US$26bn.
What this means for you: Funded transfers still arrive — but recipients lose the option to hold dollars. If your family relied on a domiciliary account as a hedge, that door is closing; budget in naira and time transfers around rate moves. Confirm your IMTO is on the CBN-approved list before sending.