The Central Bank of Nigeria says new reforms on diaspora remittances are aimed at dismantling foreign exchange monopolies and boosting inflows into the country. The disclosure was made by the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe.
He said the reforms would improve transparency, curb inefficiencies, and expand access to remittance flows by integrating International Money Transfer Operators into the official financial system. The policy also introduces the use of the Bloomberg B-Match trading platform to enhance price discovery and market participation.
Earlier this week, the central bank directed all International Money Transfer Operators to open and maintain naira settlement accounts with authorised dealer banks. The directive was contained in a circular dated March 24, 2026, signed by the Director of the Trade and Exchange Department, Musa Nakorji.
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The reforms are expected to increase liquidity in the foreign exchange market, reduce underreporting of inflows, and strengthen confidence in the naira by channeling more remittances through formal banking systems.
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