The Central Bank of Nigeria (CBN) has instructed international money transfer operators (IMTOs) to process all diaspora remittances through naira settlement accounts held with authorised dealer banks, in a move to improve transparency and strengthen liquidity in the official foreign exchange market.
Under the directive, all transactions, including payments to beneficiaries, must be routed through the banking system, while operators are allowed to maintain multiple accounts provided all inflows and foreign exchange conversions are credited into them.
The CBN also directed IMTOs to use real-time exchange rates from Bloomberg BMatch to enhance pricing transparency. The policy is expected to reduce leakages into the parallel market, improve monitoring, and enforce compliance with financial regulations.
It will take effect from May 1, 2026, giving operators time to align with the requirements.
The new framework also permits authorised dealer banks to transfer foreign currency from IMTO settlement accounts to other banks and approved market participants, including licensed bureau de change operators, in a bid to improve liquidity distribution across the system.
The directive reinforces existing compliance obligations, requiring operators to maintain proper transaction records and adhere strictly to anti-money laundering and counter-terrorism financing rules, as regulators continue efforts to stabilise the foreign exchange market and build investor confidence.
