Important Update for Nigerians Receiving Money from Abroad as CBN Issues New Directive, Deadline
- The CBN has directed IMTOs to open naira settlement accounts with authorised dealer banks
- All remittance-related transactions must now be processed through these designated accounts
- The policy aims to improve transparency, monitoring, and efficiency in the foreign exchange market
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology, and macroeconomic trends in Nigeria.
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.
Source: Getty Images
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.
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.
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.
Source: UGC
Decline in remittance inflows
The move comes amid a drop in diaspora remittances into Nigeria.
According to data from the CBN’s Quarterly Statistical Bulletin, IMTO inflows declined by 11.78 per cent in the first half of 2025 compared to the same period in 2024.
The report showed that total inflows stood at $2.07bn between January and June 2025, down from $2.34bn recorded in the corresponding period of 2024, indicating a year-on-year decrease of about $275.93m.
The directive highlights the CBN’s efforts to channel remittance inflows through formal banking systems, boost liquidity in the official foreign exchange market, and strengthen regulatory oversight of cross-border transactions.
CBN speaks on recapitalisation ahead of March 31 deadline
Legit.ng earlier reported that the CBN has addressed concerns of Nigerians regarding the recapitalisation exercise in the banking sector, assuring that the sector remains stable.
The CBN confirmed that customer funds are safe and banking services remain unchanged.
The apex bank dismissed rumours of account freezes or loss of funds, and urged Nigerians to ignore false information.
Source: Legit.ng
