The Central Bank of Nigeria has introduced new rules on diaspora remittances, aimed at improving the foreign exchange system.

According to Aminu Gwadabe, the policy will help make the market more transparent and efficient.

The new directive requires International Money Transfer Operators to route funds through naira settlement accounts.

It also mandates the use of Bloomberg BMatch to ensure better pricing and accurate exchange rates.

Gwadabe said the changes would increase foreign exchange inflows and help stabilize the naira against the dollar.

He added that the policy could reduce market distortions and improve confidence in Nigeria’s forex system.