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Naira Now Currency For International Transfers – Nigerian Bank

“If you’re about to send money to Nigeria, this is important. The Central Bank of Nigeria has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria. So, of course, this includes WorldRemit money transfers.

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Following the recent directive by the Central Bank of Nigeria, restricting the operations of International Money Transfer Operators to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians.

The IMTOs said they will now only pay in naira.

In the recently published document addressed to IMTOs, on January 31, CBN ordered the operators not to facilitate money transfers from Nigeria to other countries.

The apex bank described the new directive as a move to “liberalise the foreign exchange market and ensure transparency.”

Despite a devaluation last year and a decision to float the Naira, the currency has witnessed even more volatility as the CBN attempts to clear forex backlogs worth about $7bn.

The old guidelines dated 6 September 2014 did not provide a clear definition of IMTOs. The definition was implied from the permissible activities that the operators could undertake however, under the New Guidelines, IMTOs are defined as companies approved by the CBN to facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria and the payment of a corresponding sum to a beneficiary through a clearing network to which the IMTO belongs.

However, under the revised guidelines, the IMTO services are now limited to inbound money transfer services alone. This means that IMTOs are only able to provide money transfer or remittance services from a foreign country into Nigeria.

The apex bank asked IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the nation’s official foreign exchange market.

In a bid to implement the CBN’s directive, One of the approved IMTOs, World Remit, has updated its app for Nigeria with the following instructions: WorldRemit Nigeria News! We can no longer support transfers in USD; only in Naira.

“If you’re about to send money to Nigeria, this is important. The Central Bank of Nigeria has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria. So, of course, this includes WorldRemit money transfers.

“But please don’t worry. You can still enjoy the same quick, safe, and affordable World Remit service to Nigeria by sending money in Naira instead,” it stated.

Another operator, Sebdwave said, “In compliance with a recent directive from the Central Bank of Nigeria, we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead.”

 

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.

 

Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.

 

The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.

 

Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.

 

In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.

 

Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.

 

The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.

 

This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.

 

According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).

 

The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.

 

“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.

 

The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.

 

Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.

 

The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.

 

“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.

 

The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”

 

It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.

 

JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.

 

 

 

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