CBN warns Nigerians on patronage of unregistered money transfer operators

The Central Bank of Nigeria (CBN) has advised Nigerians at home and abroad to beware of the activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria.

The advice is conveyed through a press statement signed by CBN’s Acting Director of Communication, Mr Isaac Okorafor in Abuja on Tuesday.

He stated that the warning became necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy.

Okorafor  said: “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 concluded by advising the public to beware of the activities of such unregistered IMTOs to avoid being duped.