The Central Bank of Nigeria
(CBN), has advised Nigerians at home and in the Diaspora to beware of the
activities of some unlicensed International Money Transfer Operators (IMTOs) in
Nigeria.
The advice is contained in a
statement made available to newsmen by CBN’s Acting Director of Communication,
Mr Isaac Okorafor on Abuja Tuesday in. It stated that the warning became
necessary because of the activities of some unregistered IMTOs, whose modes of
operation are detrimental to the Nigerian economy.
“All financial services providers
in Nigeria, just as in other jurisdictions, are required to be duly licensed in
order to protect both customers and the financial system as well as to ensure
the credibility of financial transactions.
“For the avoidance of doubt, all
licensed International Money Transfer Operators, are required to remit foreign
currency to their respective agent banks in Nigeria for disbursement in naira
to the beneficiaries. “The foreign currency proceeds are to be sold to Bureaux
De Change operators, for onward retail to end users.
“The Central Bank of Nigeria will
therefore not condone any attempt aimed at undermining the country’s foreign
exchange regime.”
He advised the public to beware
of the activities of such unregistered IMTOs to avoid being defrauded.
Abuja – The Central Bank of
Nigeria (CBN), has advised Nigerians at home and in the Diaspora to beware of
the activities of some unlicensed International Money Transfer Operators
(IMTOs) in Nigeria.
The advice is contained in a
statement made available to newsmen by CBN’s Acting Director of Communication,
Mr Isaac Okorafor on Abuja Tuesday in. It stated that the warning became
necessary because of the activities of some unregistered IMTOs, whose modes of
operation are detrimental to the Nigerian economy. “All financial services
providers in Nigeria, just as in other jurisdictions, are required to be duly
licensed in order to protect both customers and the financial system as well as
to ensure the credibility of financial transactions. “For the avoidance of
doubt, all licensed International Money Transfer Operators, are required to
remit foreign currency to their respective agent banks in Nigeria for
disbursement in naira to the beneficiaries. “The foreign currency proceeds are
to be sold to Bureaux De Change operators, for onward retail to end users. “The
Central Bank of Nigeria will therefore not condone any attempt aimed at
undermining the country’s foreign exchange regime.” He advised the public to
beware of the activities of such unregistered IMTOs to avoid being defrauded.
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