CBN Directs IMTOs to Halt Outbound Dollar Transfers, Prompting Industry Shift to Naira Transactions

International Money Transfer Operators (IMTOs) are now enforcing the Central Bank of Nigeria’s (CBN) directive to cease dollar transfers to Nigerians.

The CBN’s recent guidelines restrict IMTOs to inbound transfers only, no longer permitting money transfers from Nigeria to other countries. IMTOs must now quote exchange rates for naira payouts based on prevailing market rates.

In compliance with the CBN directive, operators like Sendwave and Worldremit have informed customers of the changes, urging them to switch to sending Naira transfers instead of USD transfers.

This shift impacts the services offered by IMTOs, aligning with the regulatory changes from the CBN.