The Central Bank of Nigeria (CBN) has rolled out new rules for International Money Transfer Operators (IMTOs) that will directly affect how Nigerians receive money from abroad.
In a circular dated March 24, 2026, the apex bank directed all IMTOs to open and maintain naira settlement accounts with authorized dealer banks.
What the New CBN Remittance Rules Mean
From May 1, 2026, all remittance inflows, beneficiary payments, and related settlements must be processed exclusively through these designated naira accounts.
The goal is to improve transparency, strengthen monitoring, and ensure better traceability of foreign exchange transactions in the country.
IMTOs are allowed to operate more than one settlement account across different banks if their operations require it, but they must clearly designate these accounts and keep the CBN updated.
Importantly, these accounts can only be funded through legitimate remittance inflows and approved foreign exchange conversions within the Nigerian market.
The CBN also instructed IMTOs to adopt market-reflective pricing by referencing the Bloomberg BMatch system for real-time rates when dealing with customers and banks.
Authorized dealer banks will now be permitted to process foreign currency transfers from these IMTO accounts to other banks and licensed Bureau de Change operators, provided all anti-money laundering rules are followed.
Why This Change Was Introduced
This directive comes at a time when diaspora remittance inflows into Nigeria have been declining. According to CBN data, IMTO inflows dropped by 11.78% in the first half of 2025 compared to the same period in 2024.
The apex bank believes routing transactions through formal banking channels will boost liquidity in the official foreign exchange market and reduce leakages.
For Nigerians receiving money from family and friends abroad, the new rules should eventually lead to more transparent and secure transfers, though there may be some short-term adjustments as IMTOs and banks align with the policy.
What Nigerians Should Do Now
If you regularly receive remittances, it’s advisable to:
- Confirm with your preferred IMTO how the new rules will affect your transactions after May 1.
- Ensure your BVN and NIN are properly linked to your bank account.
- Monitor your transfer channels for any changes in processing time or fees.
The CBN has urged all stakeholders to prepare for full compliance by the May 1 deadline.
This latest policy is part of the apex bank’s ongoing efforts to sanitize the foreign exchange market and encourage more remittances to flow through official channels rather than the parallel market.
While the CBN works on improving remittance flows, Ghana is taking a bold step toward regional integration with visa-free entry for all Africans starting May 2026.”