The Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) in the country to open and maintain naira settlement accounts with authorised dealer banks, as part of efforts to improve transparency in diaspora remittance flows.
The directive was issued in a circular dated March 24, 2026, signed by Musa Nakorji, Director of the Trade and Exchange Department, and made public via the apex bank’s official website.
According to the CBN, the measure is aimed at strengthening oversight, traceability, and monitoring of remittance transactions within Nigeria’s foreign exchange market.
“All IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks (ADBs) in Nigeria.”
Under the new framework, all inflows, beneficiary payments, and related settlements linked to international money transfers must be processed exclusively through these accounts. IMTOs are, however, permitted to maintain multiple accounts across different banks based on their operational needs.
The central bank further clarified that such accounts can only be funded through remittance inflows and proceeds from foreign exchange conversions carried out by licensed IMTOs or their agents within the Nigerian FX market. To strengthen regulatory compliance, operators are required to formally designate these accounts and submit their details to the CBN, with periodic updates where necessary.
In addition, authorised dealer banks have been empowered to transfer foreign currency from IMTO settlement accounts to other banks and approved market participants, including licensed Bureau De Change operators.
The apex bank also introduced pricing guidelines, directing IMTOs to benchmark exchange rates using the Bloomberg BMatch system.
“shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers.”
The CBN said the move is expected to improve price discovery, reduce information gaps, and encourage greater participation in the official foreign exchange market. It also emphasised that IMTOs must maintain accurate transaction records and comply fully with anti-money laundering, counter-terrorism financing, and counter-proliferation financing regulations.
“This directive takes effect from May 1, 2026. Please note and ensure compliance.”
Analysts say the policy signals the CBN’s continued push to channel diaspora remittances through formal banking systems, enhance liquidity in the FX market, and improve regulatory visibility over cross-border inflows into the country.
