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The short answer
Money from Canada usually reaches Nigeria through a licensed money transfer operator, a bank wire, or a transfer into a foreign-currency account, and on each route a different party sets the CAD exchange rate. Under CBN rules reported in 2026, licensed money transfer operators must pay inbound remittances in naira from 1 May 2026, so CAD sent that way arrives as naira, not Canadian dollars.
The main routes from Canada
| Route | What arrives | Who sets the rate |
|---|---|---|
| Licensed money transfer operator | Naira into a bank account, or naira cash pickup | The operator |
| Bank wire to a Nigerian naira account | Naira | Your Nigerian bank, or the sending bank if it converts first |
| Bank wire to a domiciliary account | Usually US dollars, pounds or euros, converted from CAD along the way | The sending or correspondent bank |
| Payer converts in Canada and sends USD, GBP or EUR | That currency, into an account that holds it | The payer's provider in Canada |
Money transfer operators: the naira payout rule
Reporting of a CBN circular published in March 2026 says that from 1 May 2026, international money transfer operators must route inbound remittances through naira settlement accounts with authorised dealer banks and disburse them strictly in naira, priced using real-time market data. The option to receive foreign currency cash or credits to a domiciliary account through these operators was removed for retail transfers. The same report says cash pickup remains possible, but larger sums must go to a bank account. Our guide to CBN remittance rules covers this in detail.
In practice, the sender in Canada sees the naira amount you will receive before paying. That figure is the one to compare across providers.
Bank wires and cash
A Canadian bank can wire money to a Nigerian account. Nigerian domiciliary accounts are commonly held in US dollars, pounds or euros, so a CAD wire is usually converted before it lands. The conversion can happen at the sending bank, a correspondent bank, or your bank, and intermediary charges may be deducted. Ask your bank which currencies it accepts on your account and for its full receiving instructions; why foreign transfers are delayed or returned lists common errors.
Cash carried from Canada
Some money still arrives as notes in a traveller's luggage. Large sums must be declared to the Nigeria Customs Service on arrival; check the current threshold with Customs before travel rather than relying on what someone remembers. Once in Nigeria, CAD notes are harder to sell than US dollars, and dealers usually pay well below the cross rate, as explained in black market CAD rates. For most families, an electronic transfer leaves more money in the recipient's hands and a clear record of where it came from.
A worked comparison
Example figures only. Your aunt sends C$1,500.
- Transfer operator at ₦1,045 for C$1, no fee
- ₦1,567,500
- Wire converted to naira at ₦1,030, minus ₦15,000 charges
- ₦1,530,000
- She converts to US dollars in Canada at 1.42 and sends US$1,056.34; you convert later
- Depends on the rate when you convert
The third route moves the timing of the naira conversion to you. That can help if you need to pay something in dollars, or if you would rather choose when to convert.
What to check first
- The currency your account can receive, and the exact details to give the sender.
- Who converts the CAD, and at what rate.
- Every fee, including intermediary charges on wires.
- That the operator is licensed; be wary of informal "agents". See remittance scams.
Where Pryme fits
Pryme has no CAD account details, but a payer in Canada can convert and send US dollars, pounds or euros to your multicurrency account, which has local account details for each. The money stays in that currency until you choose to Swap it.
Questions people ask
Can I receive Canadian dollars in my Nigerian bank account?
Few Nigerian accounts hold CAD. Money usually arrives as naira through a transfer operator, or is converted to US dollars, pounds or euros on a wire.
Are remittances from Canada paid in naira?
Under CBN rules reported in March 2026, licensed transfer operators must pay inbound remittances in naira from 1 May 2026.
Which is cheaper, a transfer app or a bank wire from Canada?
Compare the naira total each delivers after all fees. Wires can carry intermediary charges that apps do not.
Can someone in Canada send me US dollars instead?
Yes, if they convert in Canada and send to an account that can receive US dollars. Their provider sets that rate.
Sources
- Techeconomy: What CBN's naira-only remittance policy means (28 Mar 2026) · accessed Oct 2026
- TheCable: Banks to pay IMTO dollar transactions in naira after CBN's directive · accessed Oct 2026
- Central Bank of Nigeria: Foreign Exchange Market · accessed Oct 2026
- Central Bank of Nigeria: Exchange Rates · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.