CBN Reforms to Enhance Diaspora Remittances Transparency

The Central Bank of Nigeria (CBN) has announced reforms intended to dismantle the long-standing monopoly in the foreign exchange market and boost inflows from diaspora remittances. Aminu Gwadab, speaking on Nairametrics, described these reforms as a pivotal step towards liberalizing and democratizing access to diaspora remittances.

The reforms aim to eliminate inefficiencies and opacity that have historically affected remittance flows. Gwadab commended the CBN for its efforts, highlighting the potential for enhanced transparency and democratized remittance channels.

The CBN's reform includes tightening oversight to curb underreporting of remittance inflows and strengthening confidence in Nigeria's foreign exchange market. A circular dated March 24, 2026, signed by Dr. Musa Nakorji, Director of the Trade Exchange Department, outlines the integration of International Money Transfer Operators (IMTOs) into the official financial system.

This initiative is set to improve market efficiency and transparency, with a focus on ethical conduct within the foreign exchange market.