The Central Bank of Nigeria (CBN) has warned Nigerians at home and abroad, to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in the country.
In a statement by the Director of Communication Mr Ifeanyi Okorafor, the CBN said the warning has become necessary due to the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy.
According to the apex bank, all financial service 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.
The statement read:
“For the avoidance of doubt, all licensed International Money Transfer Operators, in line with the CBN Circular on the sale of foreign currency proceeds of July 22, 2016, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in Naira to the beneficiaries while the foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users”
The CBN therefore, warned that it would not condone any attempt aimed at undermining the country’s foreign exchange regime, advising members of the public to beware of the activities of such unregistered IMTOs for the greater economic good of Nigeria.