The Central Bank of Nigeria (CBN), on 24 March 2026, issued additional measures to strengthen diaspora remittances and ensure compliance with regulatory requirements among International Money Transfer Operators (IMTOs), Authorised Dealer Banks (ADBs), and the public. The directive was communicated via a communiqué from the Director of the Trade and Exchange Department, Dr. Musa Nakorji.
These measures are to be implemented alongside the CBN’s revised guidelines for international money transfer services issued on 31 January 2024, which provide the regulatory framework for the licensing and operations of IMTOs in Nigeria. Under the directive, IMTOs must fully comply with all applicable regulations, maintain comprehensive transaction records for regulatory review and audit purposes, and adhere to established standards, including Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) requirements. The directive will take effect from 1 May 2026.
All International Money Transfer Operators (IMTOs) are required to open Naira settlement accounts with Authorised Dealer Banks (ADBs) in Nigeria and ensure that all transactions related to their operations are routed strictly through these accounts. This includes disbursements to beneficiaries and any associated settlements, and IMTOs may maintain one or more settlement accounts with any ADB of their choice. These accounts must only be credited with remittance inflows from licensed IMTOs or their agents, as well as proceeds from foreign exchange (FX) conversions conducted with authorised participants in the Nigerian Foreign Exchange Market (NFEM).
In addition, IMTOs must ensure that their settlement accounts are properly designated and operated in full compliance with existing regulatory guidelines. Authorised Dealer Banks may process foreign currency transfers from these accounts to other ADBs and approved market participants, including licensed Bureau De Change (BDC) operators. Furthermore, IMTOs are required to monitor real-time market prices on Bloomberg BMATCH and use these as a benchmark when pricing transactions with customers and Authorised Dealers.
The introduction of these additional measures by the apex bank is expected to boost diaspora remittances and foreign exchange inflows by enhancing transparency, traceability, and the effective monitoring of transactions. The measures should also improve market efficiency and pricing outcomes for IMTO transactions, reduce information asymmetry between IMTOs and banks, and promote greater participation and liquidity in the official foreign exchange market. This will be further supported by enhanced price discovery through the use of realtime market data from Bloomberg BMATCH. However, a potential challenge in effectively implementing these guidelines is the risk of insufficient or inconsistent regulatory oversight.
Such gaps could undermine compliance and limit the anticipated benefits, including improvements in FX liquidity and increased participation in the official Nigerian Foreign Exchange Market (NFEM).
Click here to download full report: CSL Nigeria Daily – 26 March 2026 – Financial Services.pdf
