International money transfers to Nigeria and Exchange Control Regulations
The Nigerian money transfer market is different compared to other countries in that the country is governed by Exchange Control Regulations which limit and control the flow of foreign exchange into and out of the country.
All international money transfers into Nigeria need to be reported to the Central Bank of Nigeria (CBN).
This information is used by the Nigerian government to monitor their Balance of Payments and Current Account.
When money is transferred to a recipient in Nigeria then the receiving bank is required to report this inflow into the CBN reporting system and to allocate that inflow to a particular Balance of Payments (BOP) reporting category.
For example, if a person overseas is sending a gift to Nigeria then that inflow needs to be registered and reported as such to the Central Bank.
In this way the government can track and monitor the purpose of all inflows into the country and this information is important to be able to monitor the Current Account components by the government.
All international money transfers into Nigeria are required to be reported in this manner and through the correct channels. Send money to Nigeria Now