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The short answer
In Ilorin you can receive money from abroad in three main ways: cash pickup at a bank counter through a CBN-licensed money transfer operator, a credit straight into your naira or domiciliary account, or a multicurrency app account. Use only operators on the CBN's IMTO list. Receiving into a dollar account keeps the money in dollars until you choose to convert.
The three routes
Money sent to you from the UK, US, Europe or elsewhere travels through an International Money Transfer Operator (IMTO) or a bank-to-bank transfer, and lands in Ilorin in one of three forms.
1. Cash pickup at a bank
The sender pays the operator abroad and gets a reference number. You go to a partner bank branch in Ilorin with the reference and your ID. Zenith Bank's IMT page, for example, lists operators it pays out for, says cash pickup is available up to US$10,000 in dollars, asks for your BVN plus an international passport, driver's licence, voter's card or NIMC card, and states counter hours of 8am to 4pm on weekdays. It also says Zenith does not set the conversion rate; that is set by the operator.
2. Credit into your bank account
The operator or the sender's bank pays into your naira account or your domiciliary (dollar) account. Zenith's page says money can be credited to either, and that a dollar account is created automatically if you do not have one. Receiving into a naira account means the conversion happens at the operator's rate on the day; receiving into a domiciliary account keeps dollars as dollars.
3. A multicurrency app account
Some Nigerian apps give you foreign account details so that family can send dollars, pounds or euros to you as if paying a local account abroad. Check who holds the money and under what licence before you use one.
What the CBN rules say
- Use a licensed operator. The CBN publishes the names of the IMTOs licensed by its Trade and Exchange Department on its website. When we checked in October 2026 the table had 108 entries, including large global operators and Nigerian fintechs. If a service is not on that list, do not use it.
- Dollars can be paid out as dollars. Bank IMT pages such as Zenith's say beneficiaries can collect remittances as dollar cash or have them credited to a domiciliary account.
- Identity checks apply. Expect to give your BVN and a valid ID for any pickup.
For more on the legal side, read whether it is legal to hold dollars in Nigeria.
Which route to use when
| Your need | Best fit | Why |
|---|---|---|
| You need naira today for rent or fees | Credit to naira account | Fastest to spend; no trip to a branch |
| You want to keep the value in dollars | Domiciliary or multicurrency account | No forced conversion; you choose when to swap |
| The recipient has no bank account or app | Cash pickup | Needs only ID and the reference |
| Regular monthly support from family | Account credit | Cheaper and safer than repeated cash pickup |
Worked example: why the route changes what you get
Your sister in the UK sends the equivalent of US$300. Route A: the operator converts at an example rate of ₦1,500 to the dollar and pays ₦450,000 into your naira account. Route B: you receive US$300 in a dollar account and convert later only what you need. If you need ₦150,000 now, you convert US$100 at, say, ₦1,500 (₦150,000) and keep US$200. If you later convert the US$200 at an example rate of ₦1,480, you get ₦296,000, a total of ₦446,000; at ₦1,520 you get ₦304,000, a total of ₦454,000. Holding dollars gives you choice, but the rate can move against you as well as for you.
Steps to collect safely in Ilorin
- Ask the sender to confirm the operator is on the CBN's IMTO list.
- Get the exact name the sender used, and make sure it matches your ID and BVN.
- Get the reference number directly from the sender, not from a third party.
- Go to the bank counter during banking hours with your ID and BVN.
- Count cash at the counter and keep the payout slip.
Be wary of anyone who calls to say money is waiting and asks you to pay a release fee first. That is a common scam; see common money scams in Ilorin.
Common reasons a transfer is delayed
- The name the sender used does not match your BVN or ID exactly
- The receiving account is a low-tier account with a balance or deposit cap
- The sender gave the wrong account number or bank
- The operator is running compliance checks on a large or unusual payment
- The bank counter is closed or has run short of foreign cash that day
If a transfer is late, ask the sender for the operator's tracking reference and contact the operator first, since it holds the money until payout. Do not pay anyone who offers to 'speed up' a stuck transfer.
Where Pryme fits
A Pryme Personal Account holds NGN, USD, GBP and EUR with local account details for each, so family abroad can pay you in their own currency (multicurrency). Money stays in the currency it arrived in until you use Swap, which shows the rate first and the fee on its own line before you approve. Outside Nigeria, these services run through regulated partners.
Questions people ask
Can I collect dollars cash in Ilorin from Western Union?
Bank IMT pages such as Zenith's say remittances can be paid in dollar cash at the counter, up to US$10,000 per Zenith's page, with your BVN and valid ID.
How do I know if a money transfer company is approved by CBN?
Check the CBN's International Money Transfer Operators page, which lists the operators licensed by its Trade and Exchange Department.
Is it better to receive money from abroad in dollars or naira?
Dollars give you the choice of when to convert; naira is quicker to spend. Our worked example shows how the rate can move either way.
What do I need to receive money from abroad in Nigeria?
Your BVN, a valid ID that matches the sender's details and the transfer reference for cash pickup, or just your account details for a direct credit.
Sources
- Central Bank of Nigeria: International Money Transfer Operators · accessed Oct 2026
- Zenith Bank: International Money Transfer · 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.