CBN Issues New Rules On In-Bound Diaspora Remittances
The Central Bank of Nigeria (CBN) has introduced new measures to strengthen oversight of diaspora remittances, directing all international money transfer operators (IMTOs) to route transactions through designated naira settlement accounts with authorised dealer banks.
The directive, which takes effect May 1, 2026, is to improve transparency and boost liquidity in Nigeria’s official foreign exchange market.
The circular, titled “Measures to Further Enhance Compliance in the Remittance Space”, was signed by Musa Nakorji and addressed to IMTOs, authorised dealer banks, and the general public.
Under the new guidelines, IMTOs are required to process all remittance transactions, including beneficiary payments and related settlements, strictly through naira settlement accounts maintained with authorised dealer banks in Nigeria.
Operators are expected to either designate existing accounts or open new ones for this purpose. The apex bank also granted flexibility for IMTOs to maintain multiple settlement accounts across different authorised dealer banks, depending on their operational needs.
In addition, all remittance inflows and proceeds from foreign exchange conversions must be credited exclusively into these designated accounts.
To further enhance transparency and pricing discipline, the CBN directed IMTOs to adopt real-time exchange rates from Bloomberg BMatch when pricing transactions.
The bank noted that the move would improve price discovery, reduce information asymmetry between banks and transfer operators, and encourage increased participation in the official foreign exchange market.
The latest directive underscores the CBN’s ongoing efforts to sanitise the remittance space and ensure that diaspora inflows are properly captured within the formal financial system.
