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.vThe 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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