AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Money sent to Warri through a licensed transfer operator (IMTO) such as Western Union is now paid out in naira only: under a CBN directive effective 1 May 2026, IMTOs may no longer pay inbound retail remittances as dollar cash or dollar credits to a domiciliary account. If you want to keep money in dollars, the sender needs a different route, such as paying into a dollar account in your name, and you should compare the total cost of each route rather than the fee alone.
Warri has a large diaspora: children abroad supporting parents, spouses working offshore or overseas, and relatives paying school fees or building at home. For years the choice was between collecting cash at a bank counter and receiving dollars into a domiciliary account. CBN rules have since changed how that works, and many recipients are still surprised when dollars sent to them arrive as naira. This guide sets out the routes, the current rules and how to choose.
The rule that changed: naira-only IMTO payouts
International money transfer operators are licensed by the CBN, which publishes their names on its IMTO page. In March 2026 the CBN issued a circular, effective 1 May 2026, that law firm Udo Udoma & Belo-Osagie and Techeconomy summarised as follows:
- IMTOs pay inbound retail remittances to recipients in naira only, building on the January 2024 IMTO guidelines.
- The option of dollar cash pickup or a dollar credit to a domiciliary account for these transfers has been removed.
- IMTOs settle through naira accounts with authorised dealer banks, and pricing is guided by Bloomberg BMatch real-time rates.
- Cash pickup remains available in naira for smaller amounts; larger payouts, reported as above about $200 equivalent, go to a bank account.
So if a sibling in the UK sends you £500 through an IMTO, you will receive the naira equivalent at the operator's rate. The rate on the day matters as much as the fee. Check today's rate in the operator's app or website before the sender confirms.
The routes into Warri, compared
| Route | What you receive | Good for | Watch out for |
|---|---|---|---|
| IMTO cash pickup at a bank or agent | Naira cash | Small urgent sums, no bank app | ID needed, queues, cash risk |
| IMTO credit to your bank account | Naira | Regular support, larger sums | Rate margin, name must match |
| Wire from a foreign bank to your domiciliary account | Depends on your bank | Larger sums you want kept in foreign currency | Sender's bank fees, intermediary charges; ask your bank how it handles inbound wires |
| App or account with foreign-currency details | Usually the currency sent | Recipients who want to hold dollars or pounds | Check who holds the money and the conversion fee |
Collecting cash in Warri
Western Union's Nigeria help page says you can collect at an agent location or receive into a bank account, need to be 18 or over, and must bring a valid ID such as an international passport, driver's licence, voter's card or national ID card. You also need the tracking number (MTCN), the expected amount and the sender's full name and country. The sender pays the fee. Other operators work in a similar way; read their own pages.
Worked example: compare the total cost, not the fee
The figures below are examples expressed against the market reference rate, so they hold whatever the naira does today.
| Operator A | Operator B | |
|---|---|---|
| Transfer fee | $4.99 | $0 |
| Rate below the market reference | 1.5% | 3% |
| Total cost on $300 | $4.99 + $4.50 = $9.49 | $9.00 |
| Total cost on $1,000 | $4.99 + $15.00 = $19.99 | $30.00 |
The "free" operator is cheaper for $300 but costs $10.01 more on $1,000. The way to compare is to ask each app how much naira lands for the same amount sent, on the same day.
Which to use when
- Monthly upkeep for parents in Warri or a riverine community: an IMTO credit to a naira bank account is usually simplest. For onward sending to villages, see sending money home from Warri.
- Building or land payments: send to an account, never cash, and keep every receipt.
- Money you want to keep in dollars: avoid IMTO payout and ask the sender to pay into a foreign-currency account in your name. Our guide saving in dollars in Nigeria covers the risks.
- Emergency cash today: small-sum naira cash pickup, with ID.
When the money is for a named purpose, such as school fees or rent, it is often cleaner for the sender to pay the school or landlord directly and send you the receipt, rather than routing it through you. Our guide paying school fees in Nigeria from abroad explains the options. Either way, agree in writing what the money is for, so nobody is left explaining a missing sum months later.
What to check first
- The operator is on the CBN IMTO list.
- Your name on the transfer matches your ID and bank account exactly.
- The naira amount you will receive, shown before the sender pays.
- Nobody asks you to pay a "release fee" to collect money. That is a scam pattern; see money transfer scams.
Where Pryme fits
A Pryme account holds NGN, USD, GBP and EUR with local account details for each, so a relative can pay you in the currency they earn, and the money stays in that currency until you choose to Swap it. The rate is shown first and the fee is on its own line before you approve. Outside Nigeria, these services are provided through regulated partners. See multicurrency accounts and Swap.
Questions people ask
Can I receive dollars from Western Union in Warri?
Not as dollars. Under a CBN directive effective 1 May 2026, IMTO inbound retail remittances are paid in naira only, as cash for small sums or into a bank account.
How do I receive money from abroad into my domiciliary account?
IMTO transfers can no longer credit dollars to a domiciliary account. A wire from a foreign bank account is a different channel; ask your bank how it treats inbound wires and what it charges.
What do I need to collect money from abroad in Warri?
Valid ID (passport, driver's licence, voter's card or national ID), the tracking number, the expected amount and the sender's name and country. You must be 18 or over for Western Union.
Which is the cheapest way to receive money from abroad in Nigeria?
Compare how much naira arrives for the same amount sent on the same day. A zero fee can hide a weaker rate.
Sources
- Udo Udoma & Belo-Osagie: CBN's new directive to IMTOs (Mar 2026) · accessed Oct 2026
- Techeconomy: What CBN's naira-only remittance policy means (28 Mar 2026) · accessed Oct 2026
- CBN: International Money Transfer Operators list · accessed Oct 2026
- Western Union Nigeria: Receive money FAQ · 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.