Banks begin paying remittances in dollars to customers

CBN had last week clarified that all International Money Transfer Operator (IMTO) payments will be made in dollar only

Nigerian banks are now paying Diaspora remittances in dollar to their customers following the new policy by the Central Bank of Nigeria (CBN) aimed at boosting foreign exchange liquidity.

The ban.

Consequently, Fidelity Bank Plc on December 4, 2020, commenced the implementation of the new policy as it said in a note.

In a notice to its customers, the bank said customers and non-customers could walk into a Fidelity Bank branch to receive international money transfers in dollars.

“What’s even better is our remittance year-end reward scheme is here and you could be a part of it. So walk into any of our branches for a USD payment today”, the bank stated.

Also, Ecobank Nigeria has assured its customers that it will put the necessary processes in place to make the CBN rule happen seamlessly.

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Patrick Akinwuntan, managing director, Ecobank Nigeria, said Ecobank is taking steps to see the immediate implementation of this policy. He encouraged Nigerians in the diaspora and their loved ones here in Nigeria to take advantage of the policy by opening the Ecobank domiciliary account or reactivating their inactive domiciliary account with the bank.

“We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts. Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.” he said.

Continuing, he said, “Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges. We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”

Ecobank also stated that it is collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development in a bid to deliver maximum value to its customers.

In the same vein, Olukorede Demola-Adeniyi, head, consumer banking, Ecobank Nigeria said the Nigerian diaspora community makes a significant contribution to the economy and Ecobank is committed to supporting them by providing advisory services, remittance solutions, investment options, and financial planning.

To lend credence to this, Ecobank recently held a Diaspora summit with major stakeholders in commemoration of Nigeria’s 60th Independence Anniversary.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.