{"id":1169,"date":"2026-03-25T03:08:13","date_gmt":"2026-03-25T03:08:13","guid":{"rendered":"https:\/\/facthubafrica.com\/?p=1169"},"modified":"2026-03-25T03:09:22","modified_gmt":"2026-03-25T03:09:22","slug":"cbn-ends-dollar-payouts-for-diaspora-remittances-mandates-naira-settlement","status":"publish","type":"post","link":"https:\/\/facthubafrica.com\/index.php\/2026\/03\/25\/cbn-ends-dollar-payouts-for-diaspora-remittances-mandates-naira-settlement\/","title":{"rendered":"CBN ends dollar payouts for diaspora remittances, mandates naira settlement"},"content":{"rendered":"

The Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) to process remittances through naira settlement accounts, effectively ending dollar payments to beneficiaries in Nigeria<\/strong>.<\/p>\n

 <\/p>\n

Under the new policy, which takes effect from May 1, 2026, recipients of diaspora remittances will receive funds in local currency, marking a significant shift in Nigeria\u2019s foreign exchange framework.<\/p>\n

 <\/p>\n

The directive, contained in a circular signed by the CBN\u2019s Director of Trade and Exchange, mandates IMTOs to open and maintain designated naira settlement accounts with authorised dealer banks. \u201cAll IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts,\u201d the apex bank stated.<\/p>\n

 <\/p>\n

According to the regulator, all remittance-related transactions, including disbursements to beneficiaries, must be processed exclusively through these accounts to enhance transparency and monitoring of foreign exchange flows.<\/p>\n

 <\/p>\n

The CBN explained that the move is aimed at deepening diaspora remittances while improving traceability and efficiency within the foreign exchange market. IMTOs are permitted to operate multiple settlement accounts across different authorised dealer banks and may either designate existing accounts or open new ones.<\/p>\n

 <\/p>\n

It added that such accounts would only receive remittance inflows and proceeds from foreign exchange conversions conducted through authorised market participants in the Nigerian Foreign Exchange Market.<\/p>\n

 <\/p>\n

To strengthen pricing transparency, the bank directed IMTOs to benchmark exchange rates against real-time data from Bloomberg\u2019s BMatch platform. \u201cIMTOs shall observe real-time market prices from the Bloomberg BMatch and utilise this as guidance for pricing transactions,\u201d the circular stated.<\/p>\n

 <\/p>\n

The apex bank noted that the policy would improve price discovery, reduce information asymmetry, and boost participation in the official foreign exchange market.<\/p>\n

 <\/p>\n

It also reminded operators to comply with anti-money laundering and counter-terrorism financing regulations, maintaining proper records for audit and regulatory oversight.<\/p>\n

 <\/p>\n

The directive forms part of broader reforms by the CBN to strengthen Nigeria\u2019s remittance system and align it with global best practices.<\/p>\n","protected":false},"excerpt":{"rendered":"

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The Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) to process remittances through<\/p>\n","protected":false},"author":3,"featured_media":814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[83,3],"tags":[234,295],"class_list":["post-1169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-markets","category-cover","tag-cbn","tag-diaspora-remittances"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1.png",750,500,false],"thumbnail":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1-300x300.png",300,300,true],"medium":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1-300x200.png",300,200,true],"medium_large":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1.png",640,427,false],"large":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1.png",640,427,false],"1536x1536":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1.png",750,500,false],"2048x2048":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1.png",750,500,false],"morenews-large":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1.png",750,500,false],"morenews-medium":["https:\/\/facthubafrica.com\/wp-content\/uploads\/2026\/02\/CBN-Governor-Yemi-Cardoso-750x500-1-590x410.png",590,410,true]},"author_info":{"info":["Publisher"]},"category_info":"Economy & Markets<\/a> Cover<\/a>","tag_info":"Cover","comment_count":"0","_links":{"self":[{"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/posts\/1169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/comments?post=1169"}],"version-history":[{"count":2,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/posts\/1169\/revisions"}],"predecessor-version":[{"id":1171,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/posts\/1169\/revisions\/1171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/media\/814"}],"wp:attachment":[{"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/media?parent=1169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/categories?post=1169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/facthubafrica.com\/index.php\/wp-json\/wp\/v2\/tags?post=1169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}