Pyoneer can no longer send dollars and other foreign currencies to Nigeria. This change is due to banks in the country implementing the latest foreign exchange guidelines set by the Central Bank of Nigeria (CBN).
This marks a departure from previous practices where freelancers could transfer funds from their Payoneer account directly to their domiciliary account in Nigeria.
Also, it was possible to set up automatic transfers from the global payment platform to the domiciliary account.
Payoneer is an American-based financial service provider known for facilitating online money transfers and digital payment services. It is popularly used by freelancers, content creators, bloggers, and e-commerce service providers around the world.
In a message from Access Bank to one of its customers, the bank stated that all forms of transactions remitted via Payoneer have been suspended.
This indicates that the financial technology firm can no longer facilitate transfers in Dollar, Pound Sterling, or Euro to Nigeria, in accordance with the revised guidelines of the apex bank released on January 31, 2024.
In a message, which was obtained by Infomediang.com, the bank says:
“Please be informed that all forms of transactions remitted via Payoneer are currently suspended.”
What does this mean for Payoneer account holders in Nigeria?
If you are a blogger, it means you will no longer be able to receive payments via Payoneer.
If the payment platform has already sent you a payment, Access Bank states that “the funds will be reversed once received.“
Meanwhile, you will still be able to receive payment for your work, but it will not be through Payoneer.
You will need to switch to other payment channels or use International Money Transfer Operators (IMTOs) such as Sendwave, WorldRemit, Remitly, Ria Money, and MoneyGram.
There has also been an update on remittances through IMTOs, which will automatically credit your Nigerian bank account in Naira.
Your foreign currency earnings will be processed using the prevailing exchange rate on the Nigerian Foreign Exchange Market.
Recipients will not have much to lose if banks adhere to the CBN directives by using the real exchange rate in the market.
We hope that the apex bank continues to monitor the activities of commercial banks concerning FX transactions to ensure they do not shortchange their customers.