Reviewed CBN Guidelines on International Money Transfer (IMTO) Services in Nigeria (2024) : Navigating the Key Changes and Implications

In an effort to restructure the foreign exchange market and strengthen the national currency, onJanuary 31, 2024, the Central Bank of Nigeria (CBN) issued a Reviewed Guidelines for theInternational Money Transfer Services in Nigeria (the ‘Reviewed Guidelines’), replacing the previousGuidelines issued in September 2014 (‘Old Guidelines 2014’).

The Revised Guidelines will cause a significant change in Nigeria's regulatory landscape as it relates to International Money Transfer Services (IMTOs). These changes are poised to create a more liberal foreign exchange market, increase diaspora remittances and capital inflows into Nigeria, promote efficient price discovery mechanisms and regulate the operational landscape for IMTOs and money transfer recipients.

Consequently, we will discuss some key changes introduced in the Reviewed Guidelines and their overall direct impact.