CBN Ends Dollar Remittances
In Nigeria, the Central Bank of Nigeria has directed that money sent from abroad will now be paid to recipients in naira instead of dollars.
The move affects families and individuals who receive remittances through official channels.
The policy aims to strengthen control over the country’s currency and ease demand for foreign exchange.
By settling transfers in naira, the apex bank hopes to reduce pressure on the dollar and support stability in the local market.
Under the leadership of Olayemi Cardoso, the decision forms part of broader efforts to manage liquidity and improve confidence in the financial system. It marks a shift in how diaspora funds are handled within the banking sector.
While the change alters how recipients access funds, authorities believe it will help stabilise the economy over time.
The policy is expected to shape how remittances flow and influence foreign exchange demand in the coming months.
