Nigeria CBN Directs IMTOs Naira Accounts

The Nigeria — Central Bank of Nigeria has issued a directive requiring all International Money Transfer Operators to open and maintain naira settlement accounts with authorized dealer banks, effective May 1, 2026. This measure, outlined in a circular dated March 24, 2026, aims to enhance transparency, traceability, and effective monitoring of diaspora remittances, which are a critical source of foreign exchange for Nigeria. The new rules mandate that all international money transfer transactions, including beneficiary payments and related settlements, must be processed exclusively through these designated accounts. Additionally, International Money Transfer Operators are directed to adopt market-reflective pricing by referencing the Bloomberg BMatch system to improve price discovery and encourage participation in the official FX market. This initiative by the Nigeria — Central Bank of Nigeria seeks to formalize remittance inflows, curb leakages into the parallel market, and strengthen regulatory oversight of cross-border transactions, following a decline in International Money Transfer Operators inflows in the first half of 2025.