The Central Bank of Nigeria’s new reforms on diaspora remittances aim to break entrenched monopolies in the foreign exchange market, increase inflows, and enhance transparency.

The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, made this disclosure on Friday that the central bank’s policy marks a crucial move toward liberalising and broadening access to diaspora funds, according to Nairameteics.

Gwadabe said the reforms would remove longstanding inefficiencies and lack of transparency that have historically hindered remittance flows.

He praised the CBN for the initiative, emphasizing its potential to make remittance channels more transparent and accessible to all.

“First, I want to commend the central bank management on these market reforms, as they serve as a catalyst for the total democratisation and liberalisation of diaspora remittances,” he said.

He also noted that the reforms would enhance regulatory oversight, curb the misreporting and diversion of remittance inflows, and reinforce trust in Nigeria’s foreign exchange market.

“The granting of Access to the IMTSO into the Bloomberg B-Match trading FX platforms will eliminate unnecessary hurdles, exclusiveness and monopoly usually associated with the proceeds of the Diaspora remittances,” he added.

The policy is set to eliminate monopolistic control in the remittance sector,

On Tuesday, the Central Bank of Nigeria instructed all International Money Transfer Operators in the country to open and maintain naira settlement accounts with authorised dealer banks, a move designed to strengthen oversight of diaspora remittances and boost transparency in the foreign exchange market.

The directive, outlined in a circular dated March 24, 2026, was signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to IMTOs, authorised dealer banks, and the general public.

A major feature of the reform is the integration of International Money Transfer Operators into the Bloomberg B-Match trading platform, aimed at widening access and improving market transparency.

Under the new framework, IMTOs are required to open and maintain naira settlement accounts with authorised dealer banks, establishing a centralised system for diaspora remittances.