The Central Bank of Nigeria has introduced a new directive requiring all International Money Transfer Operators to open naira settlement accounts with authorised dealer banks, to strengthen oversight of diaspora remittances and improve transparency in the foreign exchange market.
The policy, announced in a circular dated March 24, 2026, mandates that all remittance inflows, payouts to beneficiaries, and related transactions must be processed strictly through designated local accounts.
Operators are permitted to maintain multiple accounts across banks, depending on their operational needs.
Under the new framework, these accounts can receive funds only from remittance inflows and foreign exchange conversions conducted within the official market.
The apex bank also directed operators to align their pricing with real-time market rates using the Bloomberg BMatch system to improve price discovery and reduce disparities.
The News Chronicle understands that the move is part of broader efforts by the CBN to channel more diaspora inflows through formal banking systems, enhance liquidity in the official market, and tighten monitoring of cross-border transactions.
Banks have also been empowered to facilitate foreign currency transfers from these accounts to other approved participants, including licensed Bureau De Change operators.
The directive, which takes effect from May 1, 2026, requires strict compliance with regulatory standards, including anti-money laundering and counter terrorism financing rules.
