Nigeria ends foreign currency cash pickups for diaspora remittances

Nigeria’s Central Bank of Nigeria now requires diaspora remittances sent through International Money Transfer Operators, including Western Union and MoneyGram, to be paid out in naira only. The rule took effect May 1, 2026 and it ends foreign-currency cash pickups for those transfers.

IMTOs must route remittance flows through designated naira settlement accounts with Authorised Dealer Banks. The central bank also said operators need to follow anti-money-laundering, counterterrorism-financing and record-keeping rules, with benchmark rates tied to Bloomberg BMatch pricing.

Who it affects

Families receiving money from Nigerians abroad are the main group affected, along with expats in Nigeria, digital nomads and travelers who use IMTOs for short-term funding. Recipients can no longer collect dollars or other foreign cash through these channels.

For people who relied on foreign-currency payouts to offset naira volatility, the change shifts the transfer into the local banking system. That means the value received will depend on the official conversion rate used at payout.

What recipients and operators need to do

IMTOs had to set up naira accounts with banks before the deadline and report those accounts to the central bank. Beneficiaries now need bank access tied to BVN and NIN verification to receive the funds.

The practical result is simple: transfers still move, but the cash arrives in naira, not foreign currency. Fees and exchange losses can vary by provider and rate used, so recipients should check payout terms before sending money. Read our full Nigeria guide for the complete picture and visa updates.