Sending money to Nigeria has always been a lifeline for families, students, and expatriates. But the Central Bank of Nigeria (CBN) has implemented revised guidelines, directing that all inbound money transfers to Nigeria must be paid in Naira. Yes, you read that right — money transfers can no longer be paid out in USD within Nigeria. If you’ve been relying on sending dollars to support loved ones back home, it’s time to pivot. Thank goodness, there are still efficient ways to send money back home, and I’ll guide you through them.

Alternative Transfer Methods

Naira Transfers

Directly sending Naira to Nigerian bank accounts.

Pros:

Bypass the USD roadblock, and your recipients get local currency.

Cons:

Exchange rates may vary, affecting the final amount received.

Mobile Money Services

Explore mobile wallets and platforms like Paga, OPay, and Firstmonie.

Pros:

Convenient, accessible, and often faster than conventional banks.

Cons:

Fees and exchange rates apply.

Cryptocurrency

Because Bitcoin knows no borders. Consider Bitcoin, Ethereum, or stablecoins (Tether, USD Coin) for cross-border transfers.

Pros:

Borderless, secure, and lower fees.

Cons:

Requires familiarity with crypto platforms.

Fintech Apps

IMTOs play an important role in facilitating fund transfers from individuals or entities residing abroad to recipients in Nigeria. These authorized operators include well-known names like Western Union, Premiumreal, Flutterwave, and Wise (formerly TransferWise), WorldRemit, and more. While they can no longer process outbound dollar transfers, they remain passionate about providing safe, quick, and affordable services in Naira.

Pros:

Transparent fees, competitive rates, and easy-to-use interfaces.

Cons:

Availability may vary by region.

Premiumreal App

A new version of Premiumreal’s app has been updated. Here’s the scoop:

• Head to the app store, and snag the Premiumreal app. If you live in Canada, this is your chance to send money to a Nigerian bank account.
• Pop in the amount, enter their local bank details. Hit send, and watch the Naira dance its way to Nigeria the same day.
• Pay tuition fee in Canada or from Nigeria.
• Pay bills and topup your airtime and internet subscriptions

Exchange Rates

Understanding exchange rates is ideal. Tips for getting the best rates:

• Use official exchange rates.
• Stick to legal channels to avoid unfavorable rates.
• Keep an eye on rates as they fluctuate.

Security and Fraud Prevention

Double-check account information before sending. Opt for reputable services to protect your funds. Stay vigilant and avoid suspicious requests.

Remember, while USD transfers may be off the table, smart alternatives abound. Understanding the rules and leveraging the right channels is essential. Stay informed, explore Naira-based options. Your money can still find its way home, supporting loved ones and businesses. Ready to send money? Download the Premiumreal app for zero-fee transactions from Canada to Nigeria. Together, we sail across the changing tides of cross-border remittances.