The Central Bank of Nigeria has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks as part of new measures to strengthen oversight of diaspora remittances.
The directive was issued in a circular dated March 24, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to IMTOs, authorised dealer banks, and the general public.
According to the circular, which was published on the central bank’s website on Tuesday, the policy is designed to improve transparency, traceability, and monitoring of international money transfers into Nigeria.
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The apex bank stated that all IMTOs must open naira settlement accounts and ensure that every transaction related to international remittances is processed strictly through those accounts maintained with authorised dealer banks.
Under the new framework, all inflows, beneficiary disbursements, and other related settlements tied to international money transfers must be routed exclusively through the designated accounts.
However, IMTOs are allowed to maintain multiple settlement accounts across different authorised banks, depending on their operational strategies.
The central bank further stated that the settlement accounts can only be credited with remittance inflows and proceeds of foreign exchange conversions carried out by licensed IMTOs or their agents within the Nigerian foreign exchange market.
In addition, operators are required to properly designate their settlement accounts and submit the details to the apex bank, with periodic updates where necessary.
To enhance efficiency in the foreign exchange market, authorised dealer banks have also been permitted to process foreign currency transfers from IMTO settlement accounts to other banks and approved market participants, including licensed Bureau De Change operators.
The central bank also introduced pricing guidelines for remittance transactions, directing IMTOs to benchmark their exchange rates using the Bloomberg BMatch system.
According to the circular, operators are expected to observe real-time market prices from the Bloomberg BMatch platform when pricing transactions with customers and authorised dealers.
The CBN said the move would improve price discovery, reduce information gaps between IMTOs and banks, and encourage greater participation in the official foreign exchange market.
The bank further emphasised that all operators must maintain proper records of their transactions and comply fully with anti-money laundering, counter-terrorism financing, and counter-proliferation financing regulations.
The directive is scheduled to take effect from May 1, 2026.
Analysts say the new policy reflects the central bank’s continued efforts to channel diaspora remittances through formal banking channels, boost liquidity in the official foreign exchange market, and strengthen regulatory oversight of cross-border financial flows into Nigeria.
