The Central Bank of Nigeria
has described the activities of unregistered money transfer operators in the
country as detrimental to the economy and
therefore warned people from patronising them or risk losing their
money.
“Members of the public are
advised to beware of the activities of such unregistered IMTOs for the greater
economic good of Nigeria, said Isaac Okafor, acting director of communications
in a statement.
“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.”
Okafor stated that all
IMTOs, in line with the CBN Circular on the sale of foreign currency proceeds
of July 22, 2016, were 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.
He said the CBN would no
longer condone any attempt aimed at undermining the country’s foreign exchange
regime.
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