The Central Bank of Nigeria (CBN) has ordered all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, in a move to tighten oversight of diaspora remittances and improve transparency in the foreign exchange (FX) market.
The directive was contained in a circular dated March 24, 2026, signed by Musa Nakorji, Director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks, and the general public. The circular was published on the CBN’s website on Tuesday.
According to the apex bank, the measure is part of efforts to “enhance diaspora remittances, strengthen transparency, traceability, and effective monitoring of all transactions.”
The CBN stated that “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 disbursements, and related settlements linked to international money transfers must be processed exclusively through these accounts. IMTOs may, however, maintain multiple settlement accounts across different banks in line with their operational strategies.
The framework also restricts how the accounts can be funded, noting that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents)” within the Nigerian FX market.
Additionally, IMTOs are required to clearly designate these accounts and submit details to the CBN, providing periodic updates as necessary.
To improve market efficiency, the CBN authorised dealer banks to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.
The apex bank also introduced pricing guidelines, directing IMTOs to benchmark their rates using the Bloomberg BMatch platform. According to the circular, IMTOs “shall observe real-time market prices from Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and authorised dealers.”
The CBN said the measure would “improve price discovery, reduce information asymmetry between IMTOs and banks, and encourage increased participation in the official FX market.”
It further emphasised that all operators must maintain proper transaction records for regulatory review and ensure full compliance with anti-money laundering, counter-terrorism financing, and counter-proliferation financing requirements.
“This directive takes effect from May 1, 2026. Please note and ensure compliance,” the circular stated.
The move underscores the CBN’s continued push to channel diaspora remittances through formal banking systems, boost liquidity in the official FX market, and strengthen regulatory visibility over cross-border inflows into Nigeria.
