The Central Bank of Nigeria (CBN) has directed International Money Transfer Operators (IMTOs) to open naira settlement accounts with Authorised Dealer Banks as part of new measures to strengthen diaspora remittances and enhance transparency in the foreign exchange market.
The directive was contained in a circular issued by the apex bank and signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji.
According to the CBN, the policy forms part of broader reforms aimed at improving the traceability of remittance flows, strengthening regulatory compliance, and boosting efficiency within Nigeria’s foreign exchange ecosystem.
Under the new guideline, all IMTOs are required to open naira settlement accounts and ensure that all remittance transactions are routed strictly through these designated accounts maintained with Authorised Dealer Banks (ADBs) in Nigeria.
The apex bank explained that the measure will allow for more effective monitoring of transactions and ensure better accountability within the remittance system.
The circular stated that the policy is part of ongoing efforts to enhance diaspora remittance inflows while promoting transparency and traceability across the country’s foreign exchange market.
It further noted that all IMTOs, Authorised Dealer Banks, and the general public are expected to comply with the directive as part of the CBN’s wider reforms aimed at stabilising the foreign exchange market and improving the flow of foreign currency into the Nigerian economy.
The CBN added that stricter operational guidelines will also be implemented to ensure that IMTOs and Authorised Dealer Banks follow the new settlement structure and maintain proper transaction records.
Analysts say the move could improve confidence in Nigeria’s remittance channels while helping regulators better track inflows from Nigerians living abroad.
Diaspora remittances remain a major source of foreign exchange for Nigeria, contributing billions of dollars annually to the country’s economy.
