The Central Bank of Nigeria has directed that, from may 1st, 2026, all diaspora remittances must be paid in naira, banning foreign currency payouts and mandating international money transfer operators to route transactions through designated naira settlement accounts in authorised dealer banks.
The apex bank said the directive, contained in a circular signed by the Director of Trade and Exchange, Dr. Musa Narkoji, is aimed at improving transparency, traceability and regulatory oversight of remittance inflows into the country.
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Under the new policy, recipients will receive funds only in naira at official rates, a move analyst say could expose beneficiaries to exchange rate volatility and possible value loss if the currency weakens.
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However, the policy is expected to boost foreign exchange liquidity, strengthen monitoring, reduce fraud risks, and ensure that all remittance inflows are captured within the formal financial system.
