AI agents for business finance: what they can and can't do
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The short answer
Money sent to Port Harcourt through international money transfer operators is paid out in naira. CBN guidelines from 2024 already required naira payouts, and reports in 2026 say operators must disburse strictly in naira from 1 May 2026, with no dollar credits to domiciliary accounts for those transfers. Bank transfers to your own foreign-currency account details are a separate route, so ask your relative which one they are using.
Two routes, two outcomes
Many families in Port Harcourt have someone abroad, often in the UK, the US or Canada, and with the city's oil and gas links, sometimes a relative working offshore elsewhere. How the money arrives depends on how it is sent.
| Route | What you receive | What the sender needs |
|---|---|---|
| Money transfer operator (app or agent) | Naira, to your bank account or, for small sums, in cash | Your name, bank and account number, or collection details |
| Bank transfer to your foreign-currency account details | Depends on the account; check with your provider | Your full account details for that currency |
What changed for money transfer operators
The CBN revised its guidelines for international money transfer operators (IMTOs) on 31 January 2024. TheCable reported that banks began applying it in February 2024: inbound transfers through IMTOs were paid in naira at prevailing official-market rates, and one bank's notice said transfers above the naira equivalent of $200 would be credited to the beneficiary's account rather than paid in cash.
In March 2026, Techeconomy reported a further CBN directive taking effect from 1 May 2026: IMTOs must disburse inbound remittances strictly in naira, the option of foreign-currency cash or dollar credits to domiciliary accounts is removed for these transfers, and pricing must reference real-time market rates. The report ties these changes to IMTO retail transfers; it does not address direct bank transfers into foreign-currency accounts.
What to tell your relative abroad
- Your full name exactly as it appears on your bank account and ID.
- Your bank and 10-digit account number for naira payouts.
- If they are sending by bank transfer to a currency account, your full account details for that currency, and which currency it is.
- A phone number they can use to confirm with you, so a fraudster cannot redirect the payment.
- Ask them to send you the transfer reference straight away.
Never accept a last-minute change of account details by message without calling the person. Diaspora remittance scams often work by impersonating a relative; see money transfer scams targeting the diaspora.
What it costs to receive
The cost of a remittance is rarely just the fee the sender sees. There are usually three parts: the sender's fee, the exchange rate applied, and any charge at the receiving end. With naira payouts, the exchange rate matters most. Two services can show the same fee and still deliver very different naira amounts because one applies a wider margin to the rate.
| Cost | Who sees it | How to check |
|---|---|---|
| Transfer fee | Sender | Shown before they pay |
| Exchange rate margin | Both | Compare the rate offered with the market rate on the same day |
| Receiving charges | Recipient | Check your bank's charges for incoming transfers |
Ask your relative to compare the naira amount you will receive, not the fee alone. See hidden FX margins for how to spot the gap.
Using the money in Port Harcourt
Money from abroad usually has a job: school fees in Rumuokwuta, a parent's medicine, rent in Eliozu, building materials for a house in the village. A few habits help:
- Agree with the sender what each sum is for, and keep a simple shared list.
- Pay large bills, such as rent and school fees, directly from your account and keep a receipt the sender can see.
- For a family building project, pay contractors in stages against work done, not all at once.
- Avoid carrying large cash sums from the bank; pay by transfer where you can.
Keeping a record for the sender
Relatives abroad often send money with little visibility of how it is used, and that uncertainty causes more family friction than the sums themselves. A short monthly note solves most of it: what arrived, what was paid and what is left. Attach receipts for the larger payments. If the sender is supporting a building project in Obio/Akpor or a parent's care, agree at the start what level of detail they want, and stick to it.
A worked example
Example only. Chidi's sister in Manchester sends money monthly for their mother's upkeep in Rumuola. She sends through an IMTO app, which pays naira into Chidi's account. He splits it: ₦150,000 for the mother's allowance, ₦60,000 for her monthly medication, ₦40,000 for PHED tokens and the rest into a savings pot for her rent. Each month he shares receipts for the medication and token purchases with his sister, so she sees where the money went without asking.
Where Pryme fits
A Pryme Personal Account, which can be opened from any country, holds NGN, USD, GBP and EUR with local account details for each, and money stays in the currency it arrived in until you choose to convert with Swap; the rate is shown first and the fee on its own line before you approve. That is a bank-transfer route, separate from the IMTO rules above, so your relative should send to the details for the currency they are paying in. See multicurrency accounts, and share verifiable receipts with the sender for bills you pay on their behalf.
Questions people ask
Can I receive dollars from abroad in Port Harcourt?
Through money transfer operators, reports say payouts must be in naira from 1 May 2026. Bank transfers into foreign-currency account details are a separate route; check with your provider.
Why did my Western Union money come in naira?
CBN guidelines since 2024 have required IMTO inbound transfers to be paid in naira, and a 2026 directive reported to take effect on 1 May 2026 made this strict for those transfers.
Can I collect remittance cash in Port Harcourt?
Banks applying the 2024 guidelines said transfers above the naira equivalent of $200 are credited to an account. Smaller cash payouts need accepted ID.
What details should my brother abroad use to send me money?
Your name exactly as on your account, your bank and account number, or your full currency account details for a bank transfer. Confirm any change by phone.
Sources
- TheCable: Banks to pay IMTO dollar transactions in naira after CBN directive (Feb 2024) · accessed Oct 2026
- Techeconomy: What the CBN naira-only remittance policy means (Mar 2026) · 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.