Sending and Receiving Money in Nigeria

Regional News By Lauren Armstrong Jul 29, 2021

This Q&A provides the most up-to-date information about money transfer services in Nigeria and will be updated regularly to reflect any change to services.

Changes in Western Union Service

The Central Bank of Nigeria (CBN) has issued a directive to discontinue all payouts in Naira immediately and payout strictly in US Dollars (USD) in Nigeria moving forward. Western Union continues to work closely with the CBN to ensure we are in compliance with the new regulation as we manage this transition.

Central Bank of Nigeria- “Naira 4 Dollar Scheme”

The Naira 4 Dollar Scheme” is a cashback incentive introduced by the Central Bank of Nigeria (CBN) on all money transfers in USD to receivers in Nigeria. The scheme is part of the bank’s efforts to increase the inflow of diaspora remittances into the country and is implemented in association with commercial banks in Nigeria.


Receivers of diaspora money remittances will be paid N5 for every 1USD sent as a remittance inflow. The receiver will be paid such funds at the point of collection of their remittance, whether they are receiving their remittance in cash or into the domiciliary bank account. For example, a customer who receives 10,000 USD will get N50,000 as a cashback reward.

The Central Bank of Nigeria

The scheme took effect on March 8, 2021, and will be in effect indefinitely.

All Western Union Bank Agents and NIPOST in Nigeria

Receivers will continue to get their money remittances in USD and only the cashback incentive will be paid in Naira.

Should the receiver not get their cashback reward at the point of collection, they should contact the payout bank or location directly. In no event will Western Union be liable for any claims, penalties, loss, damage or expenses, howsoever arising, out of or in connection with the “Naira 4 Dollar Scheme” and legal obligations of Central Bank of Nigeria against senders and recipients of International Money Transfers.

Receiving Money in Nigeria

  • Our Nigerian customers can expect to begin receiving payout in USD for retail transactions, effective December 4, 2020.
  • Digital to cash transactions remain available and will be paid out in USD, effective December 8, 2020.
  • APN and D2B services are now available to First Bank of Nigeria (FBN) account holders.

Sending Money to Nigeria

Digital to cash and retail to retail cash pickup transactions are currently available and will be paid out in USD, effective December 8, 2020.


  • Transactions sent in Naira will be paid out in USD to your receiver.
  • APN transactions will be cancelled and refunded back to the sender.
    • For digital senders, transactions will be refunded automatically to card where funds originated from.
    • For retail senders, there will be MTCN provided and the funds will be paid back to customers in full.

Sending Money from Nigeria

Yes. You can send money from most of our agent locations in Nigeria. However, please note that due to the regulatory transactional limits set by the Central Bank of Nigeria for outbound money transfers, the availability of the service may be affected from time to time. Before visiting the location to make a transfer, we advise that you contact the nearest agent locations to ensure the service is available.