International Money Transfer Operators (IMTOs) have started enforcing the Central Bank of Nigeria’s (CBN) directive to cease dollar transfers to Nigerians by disabling dollar payout services.
According to the new guidelines released by the CBN on January 31, 2024, IMTOs can only facilitate inbound transfers to Nigeria and are now prohibited from processing outbound dollar transfers.
In compliance, IMTOs like Sendwave and Worldremit have notified customers that dollar payouts can no longer be supported for transfers to Nigeria.
Sendwave stated, “In compliance with a recent directive from the CBN, we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria.”
Similarly, Worldremit explained, “The CBN has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria. So of course, that includes World Remit money transfers.”
With dollar payouts now disabled, Nigerian beneficiaries will receive the naira equivalent of transfers at the prevailing exchange rates. The CBN mandated IMTOs to apply market-reflective rates from the official Investors & Exporters forex window.
While dollar transfers are halted, Worldremit assured customers, “You can still enjoy the same quick, safe, and affordable World Remit service to Nigeria by sending money in Naira instead.”