28 May 2025
As the number of Nigerians living, studying, or working in Cyprus continues to grow, the need to send money to Nigeria from Cyprus is increasingly important. Whether for family support, school fees, or business investments, remittances play a vital role in bridging economic gaps and fostering financial security back home.
However, with Nigeria’s regulatory landscape evolving, it's crucial for both Cypriots and Nigerians living in Cyprus to stay updated on the laws governing international remittances. In this blog post, we explore the latest developments, how they affect money transfer to Nigeria from Cyprus, and the safest ways to navigate these changes — especially through secure platforms like ACE Money Transfer.
In 2023, Nigeria was one of the top remittance destinations in Africa, with inflows surpassing $20 billion annually. These remittances help with:
For many Nigerians in Cyprus, the ability to send money means ensuring their loved ones are cared for. But doing so legally and securely has become more critical due to changing regulations.
The Central Bank of Nigeria (CBN) has introduced various reforms aimed at improving transparency, strengthening the Naira, and minimizing fraud. These changes directly impact how people conduct online money transfer to Nigeria from Cyprus and other countries.
The CBN mandates that all inbound remittances can be paid in foreign currency. Recipients can now collect remittances in foreign currencies, either through cash pickup or domiciliary accounts.
All transfers must be processed through officially licensed International Money Transfer Operators (IMTOs). Using unlicensed channels is not only illegal but also risky—funds may be delayed, confiscated, or lost.
To ensure compliance with global anti-money laundering (AML) and counter-terrorism financing (CTF) policies, senders and recipients must provide valid identification and declare the purpose of the transfer. Documentation such as passport, residence permits, or employment records may be required, especially for large transactions.
Cryptocurrency transactions are not permitted for cross-border remittances to Nigeria. Platforms that rely on crypto or peer-to-peer models are not compliant with CBN policies and should be avoided for money transfer to Nigeria from Cyprus.
If you're living in Cyprus and need to send money to Nigeria from Cyprus, it’s vital to use a regulated service. Informal agents or social media-based platforms may offer quick solutions, but they carry significant risks and are not compliant with Nigerian or international regulations.
Be prepared with the following documents:
Always ensure the transfer is made in permitted foreign currency. Inform your recipient that they will receive the funds in that currency and may need a domiciliary account or approved bank for cash collection.
Different services impose transaction limits. Understand the daily and monthly thresholds applicable to your transfers to avoid unnecessary delays or rejections.
ACE Money Transfer is one of the most reliable and CBN-licensed platforms for conducting online money transfer to Nigeria from Cyprus. Here’s why it stands out:
ACE strictly adheres to CBN regulations and operates under international financial compliance standards. This ensures your money transfer is secure and legally sound.
With ACE’s website and mobile app, users can send money to Nigeria from Cyprus online in just a few clicks. The interface is simple, transparent, and designed for quick, reliable transfers.
ACE offers affordable exchange rates and minimal transfer fees, helping users maximize the value of their remittances. Moroever, you can enjoy zero-fee on first transfer if you send money to Nigeria from Cyprus. Most transactions are completed within minutes.
ACE provides 24/7 customer service and multilingual support, ready to help you resolve any issues or queries about your money transfer to Nigeria from Cyprus.
Here are a few tips to ensure every transfer is secure and compliant:
As Nigeria continues to tighten its remittance regulations, it’s more important than ever to be informed and cautious. For Cypriots and Nigerians living in Cyprus, this means understanding the rules, avoiding informal channels, and embracing technology through trusted platforms.
If you’re looking to send money to Nigeria from Cyprus, choose a platform that guarantees legal compliance, affordability, and speed. ACE Money Transfer offers exactly that—an easy, secure, and fully compliant way to support your family, friends, or business back home.ACE Money Transfer is rated 4.7 out of 5 on Trustpilot with over 135,000 reviews — a testament to their commitment to excellent service.
Using a licensed provider like ACE Money Transfer is the safest and most compliant method for online money transfer.
Most transactions are completed within minutes, depending on the method (bank deposit or cash pickup) and time of day.
Yes, limits vary depending on your KYC status and the transfer channel. You may need to submit additional documents for larger transfers.
Absolutely—provided you use a secure and regulated service. Platforms like ACE Money Transfer use encrypted systems and strict compliance measures to ensure your money reaches its destination safely.
