₦airaland Forum

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

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.

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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.
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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.

AnnyChicago0989:
Someone please summarize

Bluntguy:
All this cut and join monetary policy no go help una naira. Just tell Tinubu make him stop the borrowing and see how naira go come resemblance currency again.

EmperorIsaac:
What does it mean oooo? Our loved ones...

reddingtonblack:
How does this policy ease the " Pressure" on local demand of dollar

Remittance is an inflow of foreign currency, the policy is as meaningless as when Emiefele brought up naira design ...we just waste resources painting naira like women's face

reddingtonblack:
How does this policy ease the " Pressure" on local demand of dollar

Remittance is an inflow of foreign currency, the policy is as meaningless as when Emiefele brought up naira design ...we just waste resources painting naira like women's face

esnbrutality:
E go affect everybody for that failed country.

They are mopping cash because of election.

Tinubu go still fail.

bigpicture001:
It's about Peter Obi and the general election.. Obi's main campaign funds came from remitances from diapora Nigerians

bigpicture001:
It's about Peter Obi and the general election.. Obi's main campaign funds came from remitances from diapora Nigerians

jimi4us:
They've started again,this is how Buhari destroyed the naira, this old basstardd is about to do the same mistake

reddingtonblack:
seems so, its more like an attemp to mopp up $$ ... For whatever reason they are doing it i know its political

Mopping up dollar is only going to creat artificial scarcity in parallel market which is proportionately detrimental to naira cos $$ rate will rise

So these baxters dont really care about us, how is this suppose to strengthen the naira

reddingtonblack:
Ok, but even at that, the policy does not stop inflow of remittance ..instead of getting naira you will just get the naira equivalent i.e govt as mop up the dollar from you

ppogba:
So,did they say foreign remitances should not come into the country again?

I am not surprised. You are just a specimen of a larger group.

bigpicture001:
I would have replied u had u not used your last paragraph... I dnt engage in insults anymore... So bye!

ppogba:
Una Sha must talk for talking sake.

Where is the pressure?

Have you had need for forex that has not been met of recent?

Everybody has an idea even when they have no idea. Person wey dey two by two shop go talk about dollar scarcity.

Shior!

bigpicture001:
CBN can control the naira effectively, but not the dollar..

For example, the CBN will later roll out new policy for withdrawal limits close to the election, the Emefiele style...

Just watch and see.. u will HV the money in ur account but cat get it in cash.. and u know in politics, cash is everything...