Central Bank of Nigeria (CBN) don drop new directive wey go change how diaspora remittance dey work for our kontri. As from May 1, 2026, all International Money Transfer Operators (IMTOs) wey dey operate for Nigeria must open naira settlement accounts with authorised dealer banks. This directive na part of CBN plan to make diaspora remittance more transparent and to improve foreign exchange market liquidity.
The circular wey CBN release on March 24, 2026, and sign by Dr Musa Nakorji, Director of Trade and Exchange Department, say all IMTOs must ensure say all their transactions pass through these naira settlement accounts. This mean say all money wey people abroad send go come through bank accounts for Nigeria, and beneficiaries go collect their money in naira, no more dollar payments.
According to the directive, IMTOs fit open multiple settlement accounts with different authorised dealer banks, but all remittance inflows and foreign exchange conversion proceeds must enter these accounts. The CBN say this measure go help to strengthen transparency, traceability, and monitoring of all diaspora remittance transactions.
For pricing, CBN direct IMTOs to use Bloomberg BMatch system to check real-time market prices when they dey price transactions with customers and authorised dealers. This move na to improve price discovery and reduce information asymmetry between IMTOs and banks, so that more people go participate for official foreign exchange market.
Authorised dealer banks also get permission to process foreign currency transfers from IMTO settlement accounts to other banks and approved market participants, including licensed Bureau De Change (BDC) operators. This one go help to distribute liquidity better across the financial system.
The CBN emphasize say all operators must maintain proper transaction records for regulatory review and must comply fully with anti-money laundering, counter-terrorism financing, and counter-proliferation financing requirements. The directive go take effect from May 1, 2026, giving IMTOs small time to adjust their systems and processes.
This new policy come as CBN dey push to channel diaspora remittances through formal banking channels. By making sure say all remittance inflows enter banking system, the regulator wan boost foreign exchange supply, reduce leakages to parallel market, and improve overall market efficiency.
The CBN circular also remind IMTOs say they must notify the Trade and Exchange Department about all their designated settlement accounts and provide updates when necessary. This one na to ensure proper monitoring and regulatory oversight.
This directive follow revised guidelines for international money transfer services wey CBN release in January 2024. The new framework na part of broader reforms wey CBN dey implement to stabilize the foreign exchange market and restore investor confidence.
Meanwhile, CBN Governor Olayemi Cardoso don announce say Nigerian banks don raise N4.61 trillion in fresh capital under the ongoing recapitalisation programme. According to the announcement, about 27% of this capital come from foreign investors, showing strong investor appetite for Nigerian banking sector.
Cardoso talk this matter during the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision wey hold for Abuja. He say the recapitalisation programme wey start in 2024 na proactive policy to strengthen Nigerian banks amid macroeconomic reforms.
The CBN Governor also emphasize say the bank get zero tolerance for corporate governance violations. He talk say CBN don end years of regulatory forbearance and don implement measures to enforce credit discipline, especially for large borrowers with non-performing loans.
As IMTOs dey prepare to comply with the new naira settlement account directive, market analysts dey watch how this policy go affect diaspora remittance flows and foreign exchange market dynamics. Many believe say if the policy work well, e go help to improve transparency and boost liquidity for official market.
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