The Central Bank of Nigeria (CBN) has instructed all international money transfer operators (IMTOs) to open naira settlement accounts and channel all remittance transactions through them, effectively ending dollar payments to recipients in Nigeria.
Under the new directive, which takes effect on May 1, 2026, Nigerians receiving funds from abroad will now be paid in naira instead of foreign currency. The policy is designed to enhance transparency, improve monitoring of foreign exchange flows, and strengthen the remittance system.
IMTOs are required to process all transactions—including payouts and settlements—exclusively through designated accounts held with authorised dealer banks. They may use existing accounts or open new ones and can operate multiple accounts across different banks.
The CBN also directed operators to align their exchange rates with real-time market prices on Bloomberg’s BMatch platform to ensure fair pricing and improve market efficiency.
Additionally, IMTOs must comply with anti-money laundering and counter-terrorism financing regulations, while maintaining proper records for regulatory review. The move forms part of the apex bank’s broader efforts to reform Nigeria’s foreign exchange and remittance framework.