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Business Nigerians Can Now Send Money Abroad - in Naira


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  • The pilot scheme has a limit pegged at $2000.

THE Central Bank of Nigeria (CBN) yesterday launched the first international outbound money transfer channel which will allow transfer of funds overseas from Nigeria using the Naira currency instead of the Dollar or other foreign exchange denominations.

Following this initiative, an opportunity has also been provided for people without bank accounts to transfer funds overseas to either wards or dependants as they can now do so with the more than 500 Western Union agents and accredited Bureaux de Change across Nigeria.

For now however, transfers up to the limit of the equivalent of $2000 only is allowed as the apex bank said it needs to gauge the mode and reasons for transfers.

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Source: #Guardian Nigeria Newspaper


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