CBN Mandates Dedicated Naira Accounts for IMTOs
The Central Bank of Nigeria has directed all International Money Transfer Operators in the country to open and maintain dedicated naira settlement accounts with authorised dealer banks, in a move designed to tighten regulatory oversight of diaspora remittances and improve transparency across 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, Dr Musa Nakorji, and addressed to IMTOs, authorised dealer banks and the general public. The circular was published on the apex bank’s website on Tuesday.
The CBN said the measure is aimed at “enhancing diaspora remittances, strengthening transparency, traceability, and effective monitoring of all transactions.”
Under the new rule, all inflows, beneficiary payments and related settlements linked to international money transfers must be processed solely through designated accounts. “All IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks in Nigeria,” the circular stated.
Operators may, however, run multiple settlement accounts across different banks to accommodate their operational needs.
The apex bank also introduced stricter controls on how these accounts can be funded, stipulating that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs, or their agents,” within the Nigerian foreign exchange market. Operators are required to clearly designate and register the accounts with the CBN, with periodic updates where necessary.
To improve market operations, authorised dealer banks are permitted to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.
On pricing, the CBN directed IMTOs to adopt market-reflective rates by referencing the Bloomberg BMatch system. IMTOs “shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers,” the circular stated. The CBN said the approach is expected to “improve price discovery, reduce information asymmetry between IMTOs and banks, and encourage increased participation in the official FX market.”
All operators must also maintain proper transaction records for regulatory checks and comply fully with anti-money laundering, counter-terrorism financing and counter-proliferation financing rules.
“This directive takes effect from May 1, 2026. Please note and ensure compliance,” the circular stated.
The directive arrives against a backdrop of declining remittance inflows. IMTO receipts into Nigeria fell by 11.78 per cent in the first half of 2025 compared with the same period of 2024, according to figures from the CBN’s Quarterly Statistical Bulletin. Total receipts between January and June 2025 stood at $2.07 billion, down from $2.34 billion in the corresponding period of 2024, representing a year-on-year drop of approximately $275.93 million.