International Transfers Through Western Union, Others To Be Paid In Naira Instead Of Dollars
The notice also noted that only international transfers below $200 can be paid in cash in naira. Any amount above $200 will be paid in a bank account.
The notice added: “Furthermore, transfers exceeding the Naira equivalent of $200 must be credited to the recipient’s bank account. Naira cash payment equivalent for amounts below $200 will require an acceptable means of identification.”
It was also noted that the acceptable means of identification for cash payments include International passport Driver’s license, National Identity card, and INEC Permanent Voters Card (PVC).
Also recall that the CBN restricted the operations of IMTOs to only inbound transfers, stopping outbound transfers.
This implies that IMTOs can no longer facilitate money transfers from Nigeria to other countries, according to the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024.
CBN also banned banks and financial technology companies (fintechs) from international money transfer services.
This development coincides with an earlier circular from the CBN aimed at curbing what it perceives as rampant foreign currency speculation and hoarding among Nigerian banks.