The Central Bank of Nigeria (CBN) has issued a firm directive to International Money Transfer Operators (IMTOs), mandating the use of designated naira settlement accounts for all diaspora inflows. This policy, effective from May 1, 2026, aims to bolster transparency and increase liquidity within the official foreign exchange market.
Musa Nakorji, Director of the Trade and Exchange Department, formalised the move in a circular addressed to IMTOs, authorised dealer banks, and the public. The document, titled “Measures to Further Enhance Compliance in the Remittance Space,” outlines a stricter framework for handling foreign currency coming into the country.
Mandatory Settlement Through Dealer Banks
Under the new guidelines, IMTOs must process every remittance transaction—including payments to beneficiaries and related settlements—strictly through accounts held with authorised dealer banks in Nigeria.
This shift marks a decisive effort by the apex bank to close regulatory gaps. Previously, some funds moved through less traceable channels, bypassing the formal market. By enforcing this rule, the CBN reinforces its strategy to channel crucial foreign exchange into the official economy.
Flexible Management for Operators
The CBN is offering IMTOs some operational leeway to ensure a smooth transition. Operators can choose to designate existing accounts or open entirely new naira settlement accounts.
“IMTOs are required to either designate existing accounts or open new naira settlement accounts. They have the flexibility to operate multiple accounts across different authorised dealer banks in line with their business strategies.”
The central bank confirmed that all remittance inflows and proceeds from foreign exchange conversions must be credited exclusively to these accounts. The primary goal remains to strengthen the “transparency, traceability and monitoring of diaspora remittances,” which serve as a lifeline for Africa’s largest economy.
Real-time Pricing via Bloomberg BMatch
To eliminate price discrepancies, the CBN now requires IMTOs to use real-time rates from Bloomberg BMatch when pricing their transactions.
This technical integration is expected to improve price discovery and reduce the information gap between banks and transfer operators. By aligning with global benchmarks, the CBN hopes to encourage more Nigerians abroad to use official channels rather than the parallel market.