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The short answer
Not through a money transfer operator. Under a CBN circular dated 24 March 2026, effective 1 May 2026, licensed international money transfer operators (IMTOs) such as Western Union, MoneyGram and WorldRemit must pay Nigerian beneficiaries in naira. Dollars can still arrive as a bank or account transfer from abroad into a domiciliary or dollar account, which is a different channel from an IMTO payout; confirm with the receiving bank before the sender pays.
What changed on 1 May 2026
For years, a relative abroad could send dollars through an operator and the recipient could choose dollar cash at a bank counter or a credit to a domiciliary account. That option has gone for operator transfers. The CBN circular titled "Measures to Further Deepen Diaspora Remittances and Compliance", dated 24 March 2026 and effective 1 May 2026, requires IMTOs to open naira settlement accounts with authorised dealer banks and to process disbursements to beneficiaries only through those accounts, according to a regulatory update by the law firm Udo Udoma & Belo-Osagie. The same update notes that the IMTO Guidelines require IMTOs to pay customers only in naira.
Techeconomy's explainer (28 March 2026) puts it plainly: the option to receive foreign currency cash or USD credits to domiciliary accounts has been removed for these retail transfers, and IMTOs are expected to price conversions with reference to real-time Bloomberg BMATCH market prices. Prime Business Africa reported that recipients will be paid in local currency regardless of the currency sent, and that detailed guidance on rate determination had not yet been published when it wrote in March 2026.
Who the rule covers, and who it does not
The rule is aimed at IMTOs: the companies on the CBN's licensed operator list that collect money abroad and pay it out in Nigeria. If your sender uses one of these, you will receive naira, whether into a bank account, a wallet or as cash where the operator still offers it.
What the summaries we read do not cover is an ordinary bank-to-bank transfer from a foreign account into a Nigerian domiciliary account. Banks still describe that route. FirstBank's FAQ page, for example, says diaspora accounts can be funded through CBN-recognised money transfer operators or from foreign bank accounts, into naira or domiciliary accounts. UBA offers domiciliary accounts in USD, GBP and EUR. Because none of the circular summaries we opened spells out how this route is treated, ask your bank to confirm, in writing if the amount is large, that an inward wire to your domiciliary account will be credited in dollars.
Routes that can still deliver dollars
| Route | What arrives | What to confirm |
|---|---|---|
| IMTO app or agent (Western Union, MoneyGram, WorldRemit, Remitly and others) | Naira only, from 1 May 2026 | Rate shown before sending; fee |
| Wire from sender's foreign bank account to your domiciliary account | USD, GBP or EUR, if your bank accepts it | Your bank's SWIFT details, intermediary bank charges, any documents asked |
| Transfer to your own foreign-currency account details held with a multicurrency provider | Stays in the currency sent | Provider's local details for that currency and its terms |
| Sender pays a bill or fee abroad directly (tuition, rent) | No money reaches Nigeria | Invoice in your name; payment reference |
Whichever route you use, the name on the receiving account should match the beneficiary name the sender enters. Name mismatches are one of the common reasons transfers are held or returned; see why foreign transfers get delayed.
Should you insist on dollars at all?
Receiving in naira is not automatically a loss. Under the new framework the operator must price against a market benchmark, so the gap between the rate you get and the market should be narrower than in years when rates were set loosely. If the money is for naira spending, such as school fees, rent or food, naira on arrival saves you a second conversion. If you are saving in dollars, or the money will be spent abroad, a dollar route avoids converting twice. Our piece on whether family should send dollars or naira works through the trade-off.
A worked example
Example only, rates are illustrative. Chika's brother sends $500. Through an operator, she receives naira at the rate shown in the app at that moment. If she wanted dollars, her brother would instead wire $500 to her domiciliary account; if his bank charges $25 and an intermediary bank deducts $15, she receives $460. Whether that beats the naira route depends on that day's rate and on whether she needs dollars. Check both numbers on the day; never compare against a rate quoted in an article.
What to check first
- Decide whether the money will be spent in naira or kept in dollars.
- If dollars, open or confirm a domiciliary or dollar account in your own name, and get the exact incoming wire details from your bank.
- Ask the bank whether inward wires from family abroad are credited in dollars and what documents, if any, it wants.
- Tell the sender the account name exactly as your bank holds it.
- If using an operator, compare the naira amount shown before sending across two or three licensed operators.
Where Pryme fits
A Pryme account 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 Swap, with the rate and fee shown first. Outside Nigeria these services run through regulated partners. See multicurrency accounts.
Questions people ask
Can I still collect dollars from Western Union in Nigeria?
Not for operator payouts after 1 May 2026. The CBN requires licensed money transfer operators to pay Nigerian beneficiaries in naira.
Can my domiciliary account still receive dollars from abroad?
Banks still describe funding domiciliary accounts from foreign bank accounts. Ask your bank to confirm how inward wires are treated before the sender pays.
What rate will I get if the money is paid in naira?
The rate shown by the operator before the transfer. Under the new framework operators price against Bloomberg BMATCH market prices; check the app for the live figure.
Is the naira-only rule for all transfers?
The circular is aimed at international money transfer operators. Summaries we read did not address ordinary bank wires, so confirm with your bank.
Sources
- Udo Udoma & Belo-Osagie: The 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
- Prime Business Africa: CBN orders naira-only payout for diaspora remittances (25 Mar 2026) · accessed Oct 2026
- FirstBank: Frequently asked questions (diaspora banking) · accessed Oct 2026
- UBA: Domiciliary account · accessed Oct 2026
- CBN: International Money Transfer Operators (licensed list) · 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.