New rules in Nigeria mean that money transfers are a little more complicated. For now, at least, transfers can only be paid out in US dollars (USD) and not in naira. So to limit the disruption to you and your loved ones, Azimo has built a new USD cash pick-up service.
Below we answer your questions about the rule changes and look at how you can still send money to Nigeria in 30 minutes.
Why can’t I send naira to Nigeria?
Changes to Central Bank of Nigeria (CBN) rules mean that international naira transfers are no longer available. Instead, transfers will only be paid in US dollars, whether to a bank account or for cash pick-up.
Your recipient can of course exchange USD for naira once they’ve received the money. naira transfers though, are suspended indefinitely.
Can I still send money to Nigeria?
Yes, your recipient can still collect USD from a Nigerian bank branch. Or, if you want to send a bank deposit, your recipient must have a Nigerian bank account held in USD – otherwise called a USD domiciliary account.
For speed and convenience, we recommend cash pick-up.
How do I use Azimo’s USD cash pick-up service?
If you’re new to Azimo, you can register in just a few minutes. Not only will you get cheaper, faster transfers, you’ll receive two fee-free transfers to start your journey.
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If you’re already an Azimo customer, you’ll know how simple money transfers can be. Our USD cash pick-up service is no different. First, log in, then:
1. Select Nigeria as your sending country, USD as your receiving currency and cash pick-up as your delivery method.
2. Enter your recipient’s details – including their full name, phone number and email.
3. Pay for your transfer – payment methods include debit/credit card, bank transfer via online banking or SOFORT.
Once we’ve received your payment, we’ll immediately process your transfer and notify both you and your recipient via email and push notifications.
Cash pick-ups are mostly available in 30 minutes. However, payments can only be processed during business hours.
What will my recipient need to collect the money?
You’ll find pick-up instructions in your collection email, but your recipient will need bring the following to the pick-up location:
- Matching photo ID (valid forms include national ID, passport, driver’s licence or Nigerian Bank Verification Number/BVN).
- Pick-up reference number (which you and your recipient will receive via email).
Need more information? Read our sending money to Nigeria FAQs
Remember, your recipient must collect the cash within 60 days. Any longer and the money will be returned to your account.
When will I be able to send naira again?
The truth is, we can’t be sure. The Central Bank of Nigeria has not given a timeframe for when naira transfers will be allowed again. However, as soon as the situation changes, we’ll notify you by email.
In the meantime, we’re working hard to make Azimo’s USD cash pick-up service even better.
Register with Azimo today, and you’ll get your first two transfers fee-free (five for Azimo Business customers). Download the Azimo app on iOS or Android and enjoy Azimo’s market-leading rates and low, transparent fee on international money transfers.