The Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) to open and maintain naira settlement accounts with authorised dealer banks as part of efforts to improve transparency and oversight of diaspora remittances.

The directive, contained in a March 24, 2026 circular signed by Musa Nakorji, mandates that all remittance inflows, disbursements, and related transactions be processed strictly through these designated accounts.

According to the CBN, the move is aimed at enhancing traceability, strengthening monitoring, and boosting efficiency in the foreign exchange market.

Under the new framework, IMTOs may operate multiple settlement accounts across different banks, but such accounts must only be funded through remittance inflows and foreign exchange conversions conducted within Nigeria’s official FX market.

The apex bank also introduced pricing guidelines requiring operators to align their rates with real-time market data from the Bloomberg BMatch system to improve price discovery and reduce information gaps.

Additionally, authorised dealer banks are now permitted to process foreign currency transfers from IMTO accounts to other approved market participants, including licensed Bureau De Change operators.

The CBN stressed that all operators must comply with anti-money laundering and counter-terrorism financing regulations, while maintaining proper transaction records for regulatory review.

The directive will take effect from May 1, 2026, as part of broader efforts to channel diaspora remittances through formal banking systems and strengthen liquidity in the official foreign exchange market.