The Central Bank of Nigeria (CBN) has directed all international money transfer operators (IMTOs) to open naira settlement accounts and route all remittance transactions through them.
This means recipients of diaspora remittances will be paid in the local currency from May, ending decades of dollar payments to Nigerians when relatives abroad send money home.
The CBN said the latest policy is aimed at deepening diaspora remittances while improving transparency, traceability, and monitoring of foreign exchange (FX) flows.
The directive will take effect from May 1, 2026, according to a circular issued on Monday and signed by Musa Nakorji, director of the trade and exchange department at the CBN.
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