How to Send Money to Nigeria: Rules and Banks

With the recent directive from the Central Bank of Nigeria (CBN), most international money transfers to Nigeria must now be made in US Dollars (USD) into USD accounts. Understanding the updated regulations and identifying which banks can comply with these new requirements has become essential for both individuals and businesses planning to send money to Nigeria.

Understanding the New Regulations

According to the new regulations, all bank transfers to Nigeria can only be made in US Dollars. This means that if you are planning to send money to Nigeria, it is crucial to ensure that the recipient's account is a USD account. If the recipient does not have a USD account, their bank may automatically create one for them to facilitate the transaction.

Which Banks in Nigeria Accept US Dollar Transfers?

To comply with the CBN's directive, several banks in Nigeria have made the necessary arrangements to accept US Dollar transfers. The following banks have the infrastructure in place to manage these transactions:

These banks are well-equipped to handle USD transfers and can ensure that your money reaches the intended recipient efficiently. It is advisable to check with your bank if you are unsure about the requirements and ensure that the recipient's account is a USD account before initiating the transfer.

What to Do if the Recipient Does Not Have a USD Account?

If the recipient does not have a USD account, many banks in Nigeria have the capability to automatically open a USD account for them. However, this process may take some time and could trip up your transaction if not planned in advance. It is always best to inform the sender about the need for a USD account well in advance to avoid any delays in the transfer process.

Contacting the Banks

If you are unsure about the process or need specific guidance, contacting the banks directly can provide you with the necessary information. You can visit the bank's website or contact their customer service to ask about their procedures for handling US Dollar transfers and the availability of USD accounts for your recipient.

Professional Money Transfer Services

Considering the complexities involved in sending money to Nigeria, using professional money transfer services can be a more reliable option. These services are well-versed with the regulatory requirements and can guide you through the entire process. They can also help in ensuring that the money is transferred accurately and without any delays.

Conclusion

Understanding the new regulations for sending money to Nigeria is now more important than ever. By following the updated guidelines and being aware of the banks that can handle US Dollar transfers, you can ensure a smooth and efficient transaction. Remember, the key to a successful transfer is to plan ahead and confirm the status of the recipient's account before initiating the transaction.

FAQs

Q: Are there any other banks in Nigeria that accept US Dollar transfers?

A: While the list above includes the major banks that accept US Dollar transfers, it is always best to double-check with any specific bank or financial service provider for their current policies.

Q: How long does it take to open a USD account for a transfer?

A: The time it takes to open a USD account can vary. Some banks may open an account relatively quickly, while others may take a few days. Ensure you have enough lead time to accommodate any potential delays.

Q: Can non-USD accounts still be used for sending money to Nigeria?

A: No, the CBN's directive mandates that all transfers to Nigeria must be in US Dollars. If a non-USD account is used, the transaction may not go through as intended.