The Central Bank of Nigeria has directed all International Money Transfer Operators (IMTOs) in the country to open and maintain naira settlement accounts with authorised dealer banks as part of efforts to improve transparency and oversight in the foreign exchange market.
The directive was contained in a circular dated March 24, 2026, signed by the Director of the Trade and Exchange Department, Musa Nakorji, and addressed to IMTOs, authorised dealer banks, and the general public
New rule for remittance transactions
As reported by PUNCH, the apex bank stated that the policy is aimed at enhancing diaspora remittances and strengthening the monitoring and traceability of transactions.
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It added that all IMTOs must route their transactions through designated Naira settlement accounts held with authorised dealer banks in Nigeria .
The CBN added that all inflows, beneficiary payments, and related settlements linked to international money transfers must be processed exclusively through these accounts.
Multiple accounts allowed under conditions
The regulator clarified that IMTOs may operate more than one settlement account across different banks, depending on their operational needs.
However, such accounts must be clearly designated, with details submitted to the CBN and updated periodically when necessary.
It further noted that the accounts can only be funded through remittance inflows and proceeds from foreign exchange conversions carried out by licensed IMTOs or their agents within the Nigerian FX market.
Pricing and market reforms
To improve efficiency in the market, the CBN directed IMTOs to adopt market-reflective pricing by referencing the Bloomberg BMatch system.
According to the bank, operators are expected to use real-time market prices as a guide when dealing with customers and authorised dealers.
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The apex bank said this measure would improve price discovery, reduce information gaps between operators and banks, and encourage more participation in the official foreign exchange market.
Role of authorised dealer banks
The circular also permits authorised dealer banks to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.
The CBN emphasised that all operators must maintain proper transaction records for regulatory checks and comply with anti-money laundering and counter-terrorism financing rules.
It stated that the directive will take effect from May 1, 2026, urging all stakeholders to ensure full compliance.
