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The short answer
Money sent from the UK reaches you in one of two ways: as pounds in a GBP balance with UK account details, where you decide when and at what rate to convert, or as naira paid out by a remittance operator, which converts at its own rate when the money is sent. From 1 May 2026, as reported, the CBN requires diaspora remittances through money transfer operators to be paid out in naira only.
Route one: pounds into a GBP balance
A GBP balance with UK details (a sort code and account number) lets the sender pay you as a normal UK bank transfer. The money arrives as pounds and stays as pounds. Nobody converts it on the way, so there is no exchange rate at the point of receipt. You choose later whether to keep it, spend it in pounds or convert some to naira, and the rate is the one your provider quotes at that moment.
- Who sets the rate: your own provider, when you choose to convert.
- Who pays fees: usually the sender's UK bank charges nothing for a domestic UK transfer, but check their terms.
- Best for: freelancers, family support you want to keep in pounds, savings for UK costs.
Our guide to which details to give for GBP payments explains what to share with a sender.
Route two: a naira payout through a remittance operator
International money transfer operators (IMTOs) take pounds from the sender in the UK and pay naira into a Nigerian bank account or for cash pickup. The operator fixes the exchange rate when the sender confirms the transfer, and may add a fee. In March 2026 the CBN directed IMTOs to open naira settlement accounts with authorised dealer banks and announced that, from 1 May 2026, recipients would be paid in naira regardless of the currency sent. Reports at the time said detailed guidance on how the conversion rate is set had not yet been published.
- Who sets the rate: the operator, at the time of sending.
- Who pays fees: usually the sender, shown before they confirm.
- Best for: urgent family support that will be spent in naira.
See the naira-only payout rule and CBN remittance rules for more.
Worked example (illustrative figures)
| GBP balance | Naira payout | |
|---|---|---|
| Sender pays | £500 | £500 |
| Rate applied | None on arrival | Operator rate, example ₦1,960 per £1 |
| You receive | £500 | ₦980,000 |
| Later conversion | At your chosen time; at an example ₦2,000 per £1, ₦1,000,000 before any fee | Not applicable |
In this example the naira payout delivers ₦20,000 less, but it arrives as naira at once. The GBP balance gives you control over timing and rate, and the outcome could be better or worse depending on how the rate moves before you convert.
Safety points for both routes
Whichever route you use, check that account details arrive through a channel you trust. Fraudsters target diaspora transfers by sending fake payment confirmations or by changing account details mid-conversation. Confirm the money has reached your balance before releasing goods or services, and see money transfer scams targeting the diaspora for common patterns.
What to check first
- Whether you need naira now or want to keep pounds.
- For a payout: the operator's rate and fee for the exact amount, compared with the official reference.
- For a GBP balance: the account details are in your own name, and how conversion is priced.
- Whether a bank wire to a domiciliary account is treated differently; ask your bank.
Where Pryme fits
A Pryme account includes a GBP balance with UK details, and you convert with Swap only when you approve the rate shown. Outside Nigeria, financial activities are carried out through regulated partners.
Questions people ask
Can I receive pounds in Nigeria in 2026?
Yes, into a GBP balance with UK account details, where the money stays in pounds. Transfers through money transfer operators are paid out in naira from 1 May 2026, as reported.
Who decides the exchange rate when family send money from the UK?
With a remittance operator, the operator sets it when the sender confirms. With a GBP balance, you decide when to convert and your provider quotes the rate then.
Will Western Union pay me in pounds in Nigeria?
Reports on the CBN directive named Western Union, MoneyGram and WorldRemit among the IMTOs whose Nigerian payouts must be in naira from 1 May 2026.
Is it better to receive pounds or naira?
It depends on whether you need naira now. Pounds give you control over timing; a naira payout gives you certainty today.
Sources
- CBN orders naira-only payout for diaspora remittances from May 2026 (Prime Business Africa, 25 Mar 2026) · accessed Oct 2026
- Nigeria: CBN bans foreign currency payments for diaspora remittances from May 1 (AllAfrica, Mar 2026) · accessed Oct 2026
- CBN directs IMTOs to open naira settlement accounts (AllAfrica, Mar 2026) · accessed Oct 2026
- What the CBN naira-only remittance policy means (Techeconomy, 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.