Lagos, Nigeria – The Central Bank of Nigeria (CBN) has rolled out new rules on diaspora remittances designed to break existing monopolies in the foreign‑exchange market and increase inflows. The move aims to push more money through formal channels and improve transparency in how remittances are priced and reported.
Okay News reports that the Association of Bureau De Change Operators of Nigeria (ABDCON) has welcomed the policy shift. President Aminu Gwadabe called it a step toward liberalising and democratising access to diaspora remittances, which have long been dominated by a narrow group of players.
Under the reforms, International Money Transfer Operators must open and maintain naira settlement accounts with authorised dealer banks. They are also being integrated into the Bloomberg B‑Match trading platform, which links remittance transactions to the official FX market. This setup should improve price discovery, reduce information gaps, and make the system more competitive.
ABDCON says the changes will curb diversion and underreporting of remittance proceeds. It also expects more BDC operators to participate in the formal market, strengthen confidence in the naira, and increase liquidity in the official FX window. The central bank sees remittances as a key tool for stabilising the exchange rate and supporting the broader economy.
In 2025, the CBN introduced an FX code and announced a revised foreign‑exchange manual to strengthen conduct and deepen market participation. The latest remittance rules fit into this wider push to make Nigeria’s foreign‑exchange system more transparent, inclusive, and resilient.
