The Nigeria corridor.
The set of cross-border payment routes into and out of Nigeria, denominated in naira. One of Africa's highest-volume inbound remittance corridors — and, since 2024, one of its most actively re-regulated. ACSS reads it across the six dimensions of the method; the standing facts and the published briefs are below.
Standing facts
Remittance scale
Nigeria received ~$23bn in remittances in 2025. Monthly formal-channel inflows tripled from ~$200m to ~$600m after the 2024 reforms; the CBN's stated target is $1bn per month by end-2026.
Settlement mandate
From May 1 2026, all licensed IMTOs must settle exclusively through designated naira accounts at Authorised Dealer Banks, price against Bloomberg BMatch in real time, and disburse to beneficiaries in naira only.
FATF status
Nigeria exited the FATF grey list in October 2025, materially reducing correspondent-banking friction and enhanced due-diligence cost on the corridor.
FX conditions
The parallel-market premium has narrowed to under 2%. Gross external reserves rose from $38.3bn (Feb 2025) to $50.1bn (Feb 2026). Fitch and Moody's both upgraded Nigeria's sovereign rating in 2025.
The regulatory sequence
CBN issues the Revised IMTO Guidelines — the base layer of the current remittance regime.
Sequential CBN remittance circulars tighten settlement and pricing; formal-channel volumes triple.
Nigeria exits the FATF grey list; correspondent-banking friction falls.
CBN circular 'Measures to Further Enhance Compliance in the Remittance Space' — designated ADB settlement accounts, BMatch pricing, naira-only payouts. Effective May 1 2026.