CBN Directs IMTOs to Open Naira Accounts with Banks

On March 24, 2026, the Central Bank of Nigeria (CBN), through a circular signed by Dr. Musa Nakorji, Director of the Trade and Exchange Department, directed International Money Transfer Operators (IMTOs) to open and maintain naira settlement accounts with authorized dealer banks.

This move aims to tighten oversight of diaspora remittances and improve transparency in the foreign exchange market. The CBN's measures are part of broader efforts to ensure that inflows are properly disbursed to beneficiaries and to enhance the regulatory framework governing the international money transfer process.

IMTOs will be allowed to maintain multiple settlement accounts across different banks, which aligns with the new operational strategies. The CBN emphasized the importance of maintaining accurate transaction records for regulatory review to ensure compliance with anti-money laundering, counter-terrorism financing, and counter-proliferation financing requirements.

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