Post by Breaking (@Breaking)

The Central Bank of Nigeria has issued a new directive requiring all International Money Transfer Operators (IMTOs) — such as Western Union, MoneyGram, WorldRemit, and others — to open naira settlement accounts with authorized dealer banks in Nigeria. From May 1, 2026, recipients of diaspora remittances (money sent home by Nigerians living abroad) will receive payments only in naira (₦), not in US dollars or other foreign currencies.

The Central Bank of Nigeria has issued a new directive requiring all International Money Transfer Op...

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