The Central Bank of Nigeria (CBN) has introduced new rules on diaspora remittances designed to break existing monopolies in the foreign exchange market and push more money through formal channels.
The reforms require International Money Transfer Operators to open and maintain naira settlement accounts with authorised dealer banks.
They are also being integrated into the Bloomberg B‑Match trading platform, linking remittance transactions directly to the official FX market.
The Association of Bureau De Change Operators of Nigeria (ABDCON) welcomed the policy shift, describing it as a step toward liberalising and democratising access to diaspora remittances.
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President Aminu Gwadabe noted that remittances have long been dominated by a narrow group of players, and the new framework should curb diversion and underreporting.
The changes are expected to improve price discovery, reduce information gaps, and make the remittance system more competitive.
ABDCON also anticipates that more BDC operators will participate in the formal market, strengthening confidence in the naira and increasing liquidity in the official FX window.
In 2025, the CBN introduced an FX code and a revised foreign exchange manual to strengthen conduct and deepen market participation.
The latest remittance rules fit into a broader push to make Nigeria’s foreign exchange system more transparent, inclusive, and resilient.
The central bank views remittances as a key tool for stabilising the exchange rate and supporting the broader economy.
