MEASURES TO FURTHER DEEPEN DIASPORA REMITTANCES AND COMPLIANCE

CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT

TRADE AND EXCHANGE DEPARTMENT

09-462 37800 09-462 37802 Email: ted@cbn.gov.ng

TED/FEM/FPC/PUB/001/002

March 24, 2026

TO: ALL INTERNATIONAL MONEY TRANSFER OPERATORS (IMTOS), AUTHORISED DEALER BANKS (ADBs) AND THE GENERAL PUBLIC

MEASURES TO FURTHER DEEPEN DIASPORA REMITTANCES AND COMPLIANCE

The Central Bank of Nigeria on January 31, 2024, issued the revised guidelines for international money transfer services in Nigeria, which provided a framework for the licensing and operations of International Money Transfer Operators (IMTOs) in the country. As part of measures to enhance diaspora remittances, strengthen transparency, traceability, and effective monitoring of all transactions, this circular is hereby issued: Accordingly, all IMTOS, ADBs and the general public are required to note the following:

1. All IMTOs are hereby directed to open Naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks (ADBs) in Nigeria.

This means that all transactions arising from international money transfer operations, including disbursements to beneficiaries and any related settlements, must be processed exclusively through the IMTO's settlement account(s) held with any ADB of their choice. IMTOs may use their discretion to designate their existing accounts or open new settlement accounts and may operate accounts with multiple ADBs in line with their business strategy.

2. Settlement accounts shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOS (or their agents) with authorised market participants in the Nigerian Foreign Exchange Market (NFEM).

3. IMTOs shall ensure that their settlement accounts are properly designated for this purpose and operated in accordance with existing regulatory guidelines. A list of designated settlement accounts shall be advised by each licensed IMTO to the Director, Trade and Exchange Department, and updated regularly as necessary

4. In order to support market efficiency and enhance pricing outcomes for IMTO transactions, ADBs may process foreign currency transfers from IMTO settlement accounts to other ADBs and approved market participants, including licensed BDCs.

5. IMTOs shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers. This will:

• Improve price discovery.
• Reduce information asymmetry between IMTOs and banks.
• Encourage increased participation in the official FX market.

All IMTOs are required to ensure full compliance with this directive and maintain adequate records of related transactions for regulatory review and audit purposes. IMTOs are reminded to maintain acceptable standards and comply with AML/CFT/CPF requirements.

This directive takes effect from May 1, 2026.

Please note and ensure compliance.

DR. MUSA NAKORJI DIRECTOR, TRADE & EXCHANGE DEPARTMENT.