Send Money to Nigeria
Are you sending money to Nigeria? As an expatriate or family of an expatriate, this article will help you understand the new monetary policy for money transfers to Nigeria and we need to be able to respond quickly to rapidly changing circumstances around the world.
As After When the Central Bank of Nigeria (CBN) issued a new policy on receiving money in the country, money transfer companies were working hard to adapt their services to the changes immediately. Super Sonicz Money Transfer was the first digital service in Nigeria that, thanks to our agility, allowed consumers to receive their money in US Dollars while receiving transfers from abroad.
The Central Bank of Nigeria (CBN) has new policy measures to. announced a transfer of money to Nigeria, known as a remittance, which would involve funds sent home by Nigerians living abroad. These new laws on send money to Nigeria from the UK to Nigeria took effect immediately.
CBN issued additional operational guidelines after some operators continued to pay local currency remittances to violate new regulations br> * 100008 * All local currency (Naira) transfers related to international transfers by IMTOs must be stopped immediately by switches and processors .
All MMOs are required to deactivate wallets immediately in order to receive payments from IMTOs.
* 100012 * Payment service providers have been instructed to no longer link their systems to IMTOs and to separate transfers from other authorized transactions.
What Are The Aims Of New Monitory Policy Measures By The Government Of Nigeria?
Nigerian banks will begin paying diasporas dollars by sending money to Nigeria online or offline and closing naira remittance accounts, the central bank said recently after the regulator simplified money transfer rules to increase the country’s currency liquidity.
The naira is under pressure due to the growing demand for dollars. After COVID-19 caused a drop in oil prices, importers responsibly sought cash as foreign exchange providers, such as offshore investors, withdrew. Nigeria is trying to increase remittances from its diaspora after the central bank on Monday eased restrictions that had impeded inflows.
The reforms will help eliminate arbitrage that benefits money transfer companies through illegitimate methods. Since last month, naira has drastically devalued in the underground market. It traded at a three-and-a-half year low of 500 naira to the dollar on Monday, widening the spread between the official market and the black market, where the currency has been stagnant at 381 since July.
*100006* was in the last few days. The central bank met with commercial banks and money transfer companies to discuss measures to improve Nigeria’s balance of online money transfers to Nigeria and reduce its reliance on foreign credit.