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Nigeria: CBN warns against unregistered fund transfer operators

The Central Bank of Nigeria (CBN) has warned that patronising unregistered international money transfer operators {IMTOs) in Nigeria is detrimental to the growth of the nationa��s economy.The apex bank also warned that some of the unregistered posed threat to the funds of those who utilise their services.

a�?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.

a�?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.a�?

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.

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He said the CBN would no longer condone any attempt aimed at undermining the countrya��s foreign exchange regime.

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