The Central Bank of Nigeria has ordered money transfer operators to process all remittance transactions through designated naira settlement accounts with authorised banks from May 1, 2026.
The Central Bank of Nigeria has directed all International Money Transfer Operators to open and maintain naira settlement accounts with authorised dealer banks to improve transparency and oversight in the foreign exchange market. The directive, issued in a March 24, 2026 circular signed by the Director of the Trade and Exchange Department, Musa Nakorji, applies to all remittance-related transactions.
Under the new rule, all inflows, beneficiary payments and settlements linked to international money transfers must be processed through the designated accounts. The apex bank said the measure would enhance monitoring of diaspora remittances and improve efficiency in the FX market, adding that the directive will take effect from May 1, 2026.
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