Nigeria ends foreign currency cashouts for 23 million remittance families

How the remittance rule works

The Central Bank of Nigeria now requires all international money transfer operators to route remittances through designated naira settlement accounts at authorized dealer banks, with payouts to recipients made only in naira. The policy took effect May 1, 2026 and ends foreign-currency cashouts for diaspora transfers.

IMTOs must open or designate naira accounts for inflows and foreign-exchange conversion proceeds, then process beneficiary payments through those accounts. The central bank also said pricing should track real-time rates from Bloomberg’s BMatch platform.

Who feels the change

The rule hits diaspora families, expats, digital nomads and travelers in Nigeria who used to rely on dollar payouts for incoming transfers. Recipients now get naira after official conversion, so direct access to foreign currency through IMTOs is off the table.

Banks can still move foreign exchange from those settlement accounts to other market participants, including bureau de change operators, but the transactions must meet anti-money-laundering and counter-terrorism-finance rules. The move covers a large remittance base, with about 23 million families in scope.

What recipients and senders should do now

IMTOs need to confirm their settlement account details with the Central Bank of Nigeria and keep records current if anything changes. Recipients should expect naira payouts tied to the official market, not dollar delivery at pickup or in-account credit.

Travelers and remote workers who depended on remittance dollars for spending money in Nigeria may need to plan around conversion timing and local cash needs. Read our full Nigeria guide for the complete picture and check our visa updates for more country changes.