As part of new measures to deepen diaspora remittances and enhance transparency in the foreign exchange market, the Central Bank of Nigeria (CBN) has directed International Money Transfer Operators (IMTOs) to open naira settlement accounts with authorised dealer banks.
In a circular issued by the apex bank, which was signed by the Director of Trade and Exchange Department, Musa Nakorji, the directive forms part of broader efforts to improve traceability of remittance flows, strengthen compliance, and boost efficiency in Nigeria’s FX ecosystem.
Additionally, the CBN also rolled out new measures to boost diaspora remittance inflows and improve transparency in the foreign exchange market, alongside tighter operational rules for International Money Transfer Operators (IMTOs) and Authorised Dealer Banks (ADBs).
The circular stated: “As part of measures to enhance diaspora remittances, strengthen transparency, traceability, and effective monitoring of all transactions, this circular is hereby issued accordingly, all IMTOs, ADBs and the general public are required to note the following: 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 (ADBs) in Nigeria.”
