CBN directs IMTOs to open naira settlement accounts
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NarrativeRadar Analysis·Reviewed by M. Reyes·AI-assisted, editorially supervised·Based on 2 articles from 2 sources
The Central Bank of Nigeria (CBN) has instructed International Money Transfer Operators (IMTOs) to open naira settlement accounts to enhance the flow of diaspora remittances. This policy aims to increase the use of the Nigerian currency in cross-border money transfers, potentially reducing dependence on foreign currencies and supporting the local foreign exchange market. The directive could affect how remittances are processed and settled, impacting Nigerian recipients and the broader economy.
Reported Facts
Observable data points shared across all narratives
- •The CBN issued the directive in March 2026.
- •IMTOs are required to open accounts denominated in naira for settlement purposes.
- •The policy targets the deepening of diaspora inflows into Nigeria.
- •The move is intended to facilitate more direct and efficient naira transactions.
What Could Happen If...
- ▸IMTOs comply fully with the CBN directive Naira remittance flows increase, improving foreign exchange liquidity and benefiting Nigerian recipients.
Market Exposure
CurrencyNigerian naira (NGN)Upward Pressure
Increased use of naira in diaspora remittances could raise demand for the currency, supporting its value.
This is not investment advice. Market exposure is based on conditional event analysis.
Key Actors
Source Coverage
AFRICA
2 articles
More coverage on this story
- More on Nigeria
- More on Nigerian naira
- More on Central Bank of Nigeria
Signals
Single-block coverage
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