Nigeria: CBN Bans Foreign Currency Payments for Diaspora Remittances From May 1

Nigeria: CBN Bans Foreign Currency Payments for Diaspora Remittances From May 1

The Central Bank of Nigeria (CBN) has banned foreign currency payments for diaspora remittances starting from May 1, 2026, directing International Money Transfer Operators (IMTOs) to route all transactions exclusively through designated naira settlement accounts in Authorised Dealer Banks (ADBs)

Central Bank of Nigeria Moves to Ring-Fence Diaspora Dollars, Orders IMTO Operators to Settle FX Remittances in Naira

The Central Bank of Nigeria has unveiled a stricter operating framework for international money transfers, ordering all operators to route transactions through designated naira settlement accounts in a move aimed at tightening control over diaspora inflows and reinforcing transparency in the foreign exchange market. The directive, contained in a March 24 circular signed by the […] The post Central Bank of Nigeria Moves to Ring-Fence Diaspora Dol…

CBN mandates payment of diaspora remittances in Naira

By Segun Otokiti WorldStage– The Central Bank of Nigeria (CBN) has mandated that all diaspora remittances through International Money Transfer Operators (IMTOs) be paid strictly in Naira, effective from May 1, 2026. This directive, issued on Tuesday, March 24, 2026, aims to improve transparency and deepen liquidity in the official foreign exchange market. All IMTOs, according to the apex bank, must open and maintain dedicated Naira settlement ac…

Remittance: Who bears the cost of CBN's new 'naira settlement account' rules for IMTOs?

On March 24, the Central Bank of Nigeria, CBN, quietly published a circular that will reshape how international money transfers flow, remittances, into the country. The directive, signed by Dr Musa Nakorji, Director of the Trade and Exchange Department, instructed all International Money Transfer Operators (IMTOs) licenced to operate in Nigeria to open naira settlement accounts with authorised dealer banks and route every transaction strictly th…

CBN direct all IMTOs to open naira settlement accounts with authorised dealer banks

The Central Bank of Nigeria (CBN), on March 24, directed all International Money Transfer Operators (IMTOs) operating in the country to open and …

CBN Orders IMTOs to Open Naira Settlement Accounts, Stops Dollar Payments

By Modupe Gbadeyanka In a bid to strengthen the Naira and ensure transparency, traceability, and effective monitoring of all transactions, the Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) in the country to open Naira settlement accounts for all transactions. In a circular dated Tuesday, March 24, 2026, the apex […]