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WorldRemit shuts naira transfer to Nigeria, enables transfers in dollar.
The updated diaspora remittance rules by the Central Bank of Nigeria, CBN, directs banks to pay out dollars to recipients of diaspora remittance.
Hence top digital payments service, WorldRemit was quick to shift from naira which had been its method for Nigeria to dollar transfer.
Diaspora remittance beneficiaries in Nigeria can retrieve WorldRemit transfers from cash pick up providers in dollars. Some banks have now adopted the rule since December 4.
- CBN Shuts Down Diaspora Remittance In Naira Under New Policy
- Best International Money Transfer Services Available in Nigeria
- CBN Diaspora Remittance Policy Cuts Loses For Naira At Parallel Market
- NEXIT Portal: NPower Nigeria Beneficiaries Can Now Apply For CBN Plan
WorldRemit’s transfer upgrade will serve its Nigerian customers in over 5o countries globally.
The CBN took the decision to allow international money transfers in USD in order to increase liquidity in the foreign exchange market while boosting remittances to Nigeria.
International Money Transfer Operators, IMTO, were culprits in slowing down remittance inflow according to the CBN.
- The Parallel Market Should Not Determine Naira Exchange Rate – CBN
- Forex Scarcity Induces Gap In Naira Exchange Rates
However, the introduction of a new regulation method will help it improve and simplify the diaspora remittances inflows into Nigeria.
Worldremit offers its services at 3,500 cash payment points in Nigeria alone.
