Figures cited by Leadership show that the Central Bank of Nigeria’s new measures to deepen diaspora remittances are entering their final implementation phase. Effective May 1, 2026, all International Money Transfer Operators (IMTOs) must process settlements through designated Naira accounts, a move aimed at enhancing the transparency and traceability of foreign exchange inflows.
The circular issued by the apex bank also mandates real-time pricing and stricter compliance with anti-money laundering (AML) standards. The CBN believes these reforms will reduce the influence of the informal “parallel market” and provide more accurate data on the total volume of foreign currency entering the country through unofficial channels.
Daily Post reported that “banks are already upgrading their systems to meet the May deadline,” while ThisDay noted that “the policy aims to support the stability of the Naira in the long term.”
Echotitbits take: This is a direct attack on the “black market” for remittances. By forcing IMTOs into a more rigid, transparent funnel, the CBN hopes to capture the FX that usually bypasses the official reserves. Expect some short-term resistance from informal operators.
Source: Business Day – https://businessday.ng/news/article/what-cbns-new-remittance-rules-mean-for-nigerians-imtos/, April 7, 2026
Photo credit: Business Day
