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The Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, in a move aimed at tightening oversight of diaspora remittances and improving transparency 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, Dr Musa Nakorji, and addressed to IMTOs, authorised dealer banks, and the general public.

The circular was published on the CBN’s website on Tuesday.

According to the apex bank, the measure forms part of efforts to “enhance diaspora remittances, strengthen transparency, traceability, and effective monitoring of all transactions.” 

This means that all inflows, disbursements to beneficiaries, and related settlements tied to international money transfers must now be processed exclusively through these accounts. IMTOs are also allowed to maintain multiple settlement accounts across different banks in line with their operational strategies.

The new framework further restricts how these settlement accounts can be funded, stating that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents)” operating within the Nigerian Foreign Exchange Market.

The apex bank emphasised that all operators must maintain proper transaction records for regulatory review and ensure full compliance with anti-money laundering, counter-terrorism financing, and counter-proliferation financing requirements.

The move signals a further push by the CBN to channel diaspora remittances through formal banking channels, improve liquidity in the official FX market, and strengthen regulatory visibility over cross-border inflows into Nigeria.