Abuja, Nigeria – The Central Bank of Nigeria (CBN) has instructed all International Money Transfer Operators (IMTOs) in the country to open and maintain naira settlement accounts with authorised dealer banks. The directive aims to enhance transparency, traceability, and regulatory oversight of diaspora remittances and improve efficiency in Nigeria’s foreign exchange market.
The circular, dated March 24, 2026, was signed by Dr Musa Nakorji, Director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks, and the general public. It was published on the CBN website, providing clarity on the new operational and compliance requirements for money transfer operators.
Brandspur Banking News Desk reports that under the new framework, all inflows, disbursements, and settlements related to international money transfers must now flow exclusively through designated naira settlement accounts. IMTOs may maintain multiple accounts across different banks in line with operational needs, but all transactions must be routed through the authorised channels to ensure accountability.
The CBN also imposed strict rules on account funding, stipulating that settlement accounts may only be credited with remittance inflows and proceeds from foreign exchange conversions carried out by licensed IMTOs or their agents. Operators are required to properly designate their accounts, submit details to the CBN, and provide periodic updates as necessary.
In addition, authorised dealer banks are now empowered to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators. The apex bank has introduced pricing guidelines, directing IMTOs to benchmark rates using the Bloomberg BMatch system, improving price discovery, reducing information gaps, and encouraging participation in the official FX market.
The directive, which comes into effect from May 1, 2026, requires IMTOs to maintain detailed transaction records and comply fully with anti-money laundering, counter-terrorism financing, and counter-proliferation financing regulations.
This measure reflects the CBN’s ongoing effort to channel diaspora remittances through formal banking channels, enhance liquidity in the official FX market, and strengthen regulatory visibility over cross-border financial flows into Nigeria.
