The Central Bank of Nigeria (CBN) has warned Nigerians at home and in the Diaspora to be wary of the activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria.
It stated that the mode of operation of these unlicensed operators was injurious to the country’s economy.
This was contained in a statement made available to newsmen by CBN’s Acting Director of Communication, Mr Isaac Okorafor in Abuja on Tuesday.
He 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.”