Regulatory Alerts2026-03-24 | TED/FEM/FPC/PUB/001/002Added · Updated
MEASURES TO FURTHER DEEPEN DIASPORA REMITTANCES AND COMPLIANCE
The Central Bank of Nigeria has issued new directives requiring all International Money Transfer Operators (IMTOs) to open Naira settlement accounts with Authorised Dealer Banks (ADBs) and route all transactions strictly through these accounts, effective May 1, 2026. These settlement accounts can only be credited with remittance flows and proceeds from foreign exchange conversions. Furthermore, IMTOs are now mandated to observe real-time market prices from Bloomberg BMATCH for pricing transactions to improve price discovery and increase participation in the official FX market.
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Topics
payments
fx
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