The Central Bank of Nigeria has directed all International Money Transfer Operators (IMTOs) 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 Musa Nakorji, Director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks, and the general public.
The apex bank said the policy is aimed at boosting diaspora remittances while strengthening the monitoring and traceability of transactions.
Under the new rule, all IMTOs must route their transactions through designated naira settlement accounts held with authorised dealer banks in Nigeria. This means all inflows, beneficiary payments, and related settlements linked to international money transfers must be processed exclusively through these accounts.
The regulator clarified that IMTOs may operate multiple settlement accounts across different banks depending on operational needs. However, such accounts must be properly designated, with details submitted to the CBN and updated periodically when required.
It also 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.
To improve efficiency, the CBN directed IMTOs to adopt market-reflective pricing using the Bloomberg BMatch system as a reference. Operators are expected to rely on real-time market rates when dealing with customers and authorised dealers.
According to the CBN, this measure will enhance price discovery, reduce information gaps, and encourage participation in the official foreign exchange market.
The circular also allows 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 apex bank emphasised that all operators must maintain proper transaction records for regulatory checks and comply with anti-money laundering and counter-terrorism financing regulations.
The directive will take effect from May 1, 2026, with the CBN urging all stakeholders to ensure full compliance.
